Tax analysis: At the Autumn Budget 2024 on 30 October 2024, it was announced there would be changes regarding who is responsible for pay as you earn/National Insurance contributions (PAYE/NIC) when workers are paid through an umbrella company. Robert Woodward, tax associate director and John Chaplin, partner at BDO analyse the changes.

Tax analysis: A summary of the key business tax announcements made in the Autumn Budget on 30 October 2024. Key announcements include an increase to the rate of employer National Insurance contributions (NICs) combined with a reduction in the secondary threshold, an increase to the capital gains tax (CGT) rate for carried interest, as well as announcement of a revised regime for carried interest from 2026, the publication of the Corporate Tax Roadmap, which confirms numerous items including that the corporation tax rate will be capped at 25% for the duration of the current Parliament, an increase to the stamp duty land tax (SDLT) higher rates and an increase to CGT rates applicable to disposals qualifying for business asset disposal relief and investors’ relief. Expert comment provided by Blick Rothenberg, Boodle Hatfield, Bryan Cave Leighton Paisner, Burges Salmon, CMS Cameron McKenna Nabarro Olswang, Eversheds Sutherland, Gateley Legal, Herbert Smith Freehills, Macfarlanes, Pinsent Masons, PKF Francis Clark, Proskauer, Pump Court Tax Chambers and Taylor Wessing.

Tax analysis: Jackelyn West, senior associate at Macfarlanes LLP, considers the Autumn Budget 2024 consultation on reforming the Tax Administration Framework.

Tax analysis: Naomi Lawton, Knowledge Counsel at A&O Shearman examines the government’s Corporate Tax Roadmap as announced at the Autumn Budget 2024 including its practical implications.

Tax analysis: James McCredie, Partner, and George Apps, Senior Associate at Macfarlanes LLP consider the Autumn Budget 2024 announcements relating to the taxation of carried interest.

In the Autumn Budget 2024, on 30 October 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, announced several measures that will be of interest to banking and finance lawyers. The measures include the trade and industrial strategy, latest developments with the Procurement Act which will commence in February 2025, implementation of the Cryptoasset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS), and support for Ukraine.

In the Autumn Budget 2024, on 30 October 2024 the Chancellor of the Exchequer, Rt Hon Rachel Reeves MP, announced the recently elected Labour government’s plans to fix the economy and deliver change. Reeves announced a set of reforms to the fiscal framework that will improve certainty, transparency and accountability in a bid to support economic and fiscal stability. Alan Murdie, barrister at Council Tax Legal Services, comments on the Autumn Budget 2024.

In the Autumn Budget 2024, delivered on 30 October 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, announced funding for the remediation of unsafe housing, investment for repairs in relation to reinforced autoclaved aerated concrete (RAAC), efforts to rebuild Britain, funding to address the skills gap, and developments in energy and transport infrastructure.

In the Autumn Budget 2024, on 30 October 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, announced a series of measures aimed at promoting growth and investment in UK businesses. A series of tax rises, aimed at raising £40bn, include increases in the Capital Gains Tax (CGT) rates for selling shares, a reduction in the Inheritance Tax (IHT) relief available on shares in AIM companies and an increase in the rate of CGT on carried interest payments for private equity investors. Alongside the Autumn Budget, HMRC have published two policies papers on corporate tax anti-avoidance measures for close company shareholders, and capital gains for limited liability partnership liquidations. Silvana Van der Velde, Director of the Corporate Tax Team at Burges Salmon, comments on these measures.

There were no new policy announcements relating to immigration and asylum in the Autumn Budget 2024, published on 30 October 2024, but the document does confirm a reduced annual budget (in part due to savings from cancelling the Rwanda plan). It announces some additional spending, including investment of up to £74 million in 2025-26 to speed up processing of asylum appeals in immigration tribunals. The document is silent on legal aid spending.

In the Autumn Budget 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, announced several developments for the Information Law sector. These include the creation of a National Data Library and a Regulatory Innovation Office, improved NHS digitalisation, modernisation of HMRC's access to third-party data, the introduction of a Fraud, Error and Debt Bill, and improved fundings for the Single Intelligence Account. Hamish Corner, partner, and William Moore, associate, at Shoosmiths LLP, comment on the Autumn Budget 2024.

In the Autumn Budget 2024, on 30 October 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, announced plans to strengthen the international trade sector, which include funding to boost UK’s trade and investment across the globe, engagement to progress Free Trade Agreements, and plans to deliver the UK’s Trade Strategy, among other announcements. Reeves noted that there will be various trends that will reshape the UK and global trade overall, highlighting the importance of adapting to the trends as it will encourage sustainable growth.