The run-up to the end of the tax year on 5 April 2024 is a good time to make sure that your family and business finances are arranged in the best way possible.
The freeze of many tax rates and thresholds continues to increase the government’s tax take, but there are still many useful ways to arrange your affairs tax efficiently, and we provide an overview of some of these here.
Where you have discretion over the timing of income, for example, you can establish when that income is best taken — in this tax year or the next. A review before 5 April 2024 could therefore have a significant effect on your tax position. For Scottish taxpayers, to whom higher tax rates and thresholds apply, this is particularly true.
Each year presents its unique tax landscape, and this year is no exception. While the Autumn Statement 2023 may have been subdued, significant changes preceding it demand attention. As we approach year-end reviews, consider the following:
A reduction in the capital gains tax annual exempt amount.
A further cut in the Dividend Allowance.
Introduction of basis period reform for unincorporated businesses.
Adding to the mix, the recent Spring Budget 2024 introduces notable amendments:
Reduction of the higher rate of residential property capital gains tax from 28% to 24%, while the lower rate remains at 18%.
The ‘Non-dom’ tax regime is set to be scrapped from April 2025, replaced by a residency-based regime, affecting UK residents with overseas tax homes.
Stamp duty relief for multiple dwellings will cease for transactions effective from 1 June 2024.
Tax breaks for furnished holiday let owners will be abolished from April 2025.
Dive into the details! Our in-depth Spring Budget booklet
Tax rates and allowances
Tax and the family
Family companies
Pension planning
Unincorporated businesses
Invest tax efficiently
Capital Gains Tax
Using Gift Aid
Year-End Checklist
About Us
*In this Briefing, we use the rates and allowances for 2023/24. Please note that throughout this publication, the term spouse includes a registered civil partner.