This year, we know that changes are coming with the new government presenting their first Budget on 30 October 2024.

So, what might this look like? Well, some changes have already been announced. There is going to be reform of non-domicile taxation, the VAT on school fees is going to be introduced and the FHL (Furnished Holiday Lettings) regime will be abolished.

But what else?

There’s lots of speculation about what else may feature in the Budget. The introduction of a flat rate limit on Income Tax relief for pension contributions is one suggestion.

Another possibility is reform around Capital Gains Tax (which is paid when certain assets, such as shares in a company, are sold at a profit). Some anticipate that Capital Gains Tax rates could be increased to match Income Tax.  There’s also the possibility of a cap being imposed on Private Residence Relief – the relief that currently means that (broadly) no tax is paid on the sale of your main home. The introduction of a cap on this relief could mean that millions of people are charged tax when they sell their home.

For now, watch this space. We will be summarising the outcome of the Budget, and the key points raised, on our website after 30 October, and issuing a Newsletter to our clients to inform them of the announcements.