--- title: Budget announcement set for 30th October 2024 description: The first Budget of the new Government will be delivered on Wednesday 30th October. Here are some areas that could be targeted in the upcoming statement. image: https://blog.shorts.uk.com/hubfs/budget%20october%202024.jpg --- [![Shorts_logo_White](https://blog.shorts.uk.com/hubfs/New%20Site%202018/Shorts_logo_White.svg "Shorts_logo_White")](https://www.shorts.uk.com/) [Blogs & News](https://blog.shorts.uk.com/) > [Private Client](https://blog.shorts.uk.com/topic/private-client) # Budget announcement set for 30th October 2024 David Robinson - 6 August 2024 ###### Select topic - Please Select - [ Audit ](https://blog.shorts.uk.com/topic/audit) [ Business Taxes ](https://blog.shorts.uk.com/topic/business-taxes) [ Radius – R&D Tax Relief & Patent Box ](https://blog.shorts.uk.com/topic/radius-rd-tax-relief-patent-box) [ Corporate Finance ](https://blog.shorts.uk.com/topic/corporate-finance) [ GENUS Management Accounts ](https://blog.shorts.uk.com/topic/genus-management-accounts) [ VAT ](https://blog.shorts.uk.com/topic/vat) [ Private Client ](https://blog.shorts.uk.com/topic/private-client) [ Payroll ](https://blog.shorts.uk.com/topic/payroll) [ EOT ](https://blog.shorts.uk.com/topic/eot) [ International Taxes ](https://blog.shorts.uk.com/topic/international-taxes) ![featured image](https://blog.shorts.uk.com/hubfs/budget%20october%202024.jpg) Last week, it was announced that the new Government's first budget will be delivered on Wednesday, October 30th. The Chancellor, Rachel Reeves, has intimated that something needs to be done to plug the gap in public finances, with tax rises widely reported as being expected. The Labour Manifesto pledged no increases to the rates of Income Tax, National Insurance Contributions (NICs), or VAT, leaving the media to speculate that the additional funding could come from changes to Inheritance Tax (IHT) and Capital Gains Tax (CGT). We will have to wait until 30th October for any changes to be announced, but some areas that could be targeted include the following. ## Capital Gains Tax (CGT) Much has been said about CGT changes in the press, and the main rate could increase. The rates could be increased to align with Income Tax (up to 45%), as applied between 1988 and 2008. However, changes to reliefs could be less political, for example, by removing the uplift in base cost when inheriting an asset. ## Inheritance Tax (IHT) Inheritance Tax (IHT) allowances could be reduced, but an easier target could be reducing the reliefs available. For example, the reliefs for AIM-listed shares or business or agricultural property could be watered down, bringing more assets into a partial or full charge. ## Pensions Currently, a higher or additional rate taxpayer can claim relief for pension contributions paid. This relief could be limited to the basic rate of tax, leading to increased tax charges for higher-rate taxpayers making pension contributions. ### Changes that have already been announced There have already been changes announced, including [VAT on school fees](https://blog.shorts.uk.com/vat-on-private-school-fees-latest) (from 1 January 2025, with anti-forestalling measures in the interim) and changes due to come into effect next year relating to [non-dom](https://blog.shorts.uk.com/are-you-non-uk-domiciled-non-dom-guide-for-2023-24) and Furnished Holiday Let (FHL) rules. ## Our thoughts and recommendations Reflecting on the announcements so far, as well as the various comments in the press, the message is clear: If you are planning on disposing of a capital asset or making a pension contribution (from your company or personally), completing those transactions before 30 October could be wise, if time allows. Whilst it is perfectly possible that any rate increases are announced to take effect from 6 April 2025, there is precedent for them to be effective from the date they are announced. However, individuals should beware that *the tax tail should rarely wag the dog*, and bespoke advice should be sought before undertaking any transactions. [Get in touch with your Shorts adviser if you wish to discuss anything further.](https://shorts.uk.com/contact-shorts/) ![author](https://blog.shorts.uk.com/hubfs/Team%20profile%20round%20images/David%20Robinson%20Round%20circle.jpg) #### David Robinson As a Tax Partner, I advise clients on all aspects of UK tax, ranging from business taxes, transactions and private client matters, helping to achieve the objectives and aspirations of businesses and their owners. [View my articles](https://blog.shorts.uk.com/author/david-robinson) Tags: [Private Client](https://blog.shorts.uk.com/topic/private-client), [Business Taxes](https://blog.shorts.uk.com/topic/business-taxes) Share this on - - - [Questions? Get in touch with us](https://www.shorts.uk.com/contact/) ###### Tax Saving Guide 2026-27 Written especially for entrepreneurs and owner-managed businesses, this guide is full of planning ideas and tax risks to avoid. [ Download now ](https://info.shorts.uk.com/en-gb/tax-saving-guide) ![Tax saving guide 2026-27](https://blog.shorts.uk.com/hs-fs/hubfs/Tax%20saving%20guide%202024.jpg?width=375&height=465&name=Tax%20saving%20guide%202024.jpg) ###### Related articles ##### [Spring Statement 2022: Other Matters](https://blog.shorts.uk.com/spring-statement-2022-other-matters) ##### [Autumn Budget 2024: How will it impact individuals?](https://blog.shorts.uk.com/autumn-budget-2024-how-will-it-impact-individuals) ##### [Spring Statement 2022: Personal Tax](https://blog.shorts.uk.com/spring-statement-2022-personal-tax) ##### [Spring Statement 2022 - Employment Taxes](https://blog.shorts.uk.com/spring-statement-2022-employment-taxes) ###### Latest articles [A case of aggressive tax avoidance: Glasgow Rangers Football Club](https://blog.shorts.uk.com/aggressive-tax-avoidance-affect-you) [What is VAT? - Complete Guide (Updated for 2025/26)](https://blog.shorts.uk.com/what-is-vat) [Ashgate Hospice Sparkle Night Walk 2026](https://blog.shorts.uk.com/ashgate-hospice-sparkle-night-walk-2026) [Stocktaking guide for UK businesses](https://blog.shorts.uk.com/stocktaking-guide-for-uk-businesses) [Supporting the Chatsworth Cascade for future generations](https://blog.shorts.uk.com/supporting-the-chatsworth-cascade-for-future-generations) [Deal of the Year win at Insider Dealmakers Awards 2026](https://blog.shorts.uk.com/deal-of-the-year-win-at-insider-dealmakers-awards-2026) [Football shirt Wednesday: Backing England in style](https://blog.shorts.uk.com/football-shirt-wednesday-backing-england-in-style) [Understanding lifetime trusts: the basics](https://blog.shorts.uk.com/understanding-lifetime-trusts-the-basics) [Close company directors face new HMRC detail requirements in 2026](https://blog.shorts.uk.com/close-company-directors-face-new-hmrc-detail-requirements-in-2026) [Shorts advise Harris Irwin Architects on successful growth funding.](https://blog.shorts.uk.com/shorts-advise-harris-irwin-architects-on-successful-growth-funding) #### About Us Use this little footer to reinforce your message about who you are and why people love working with you. 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