What’s happening with Employers’ National Insurance contributions?

The Autumn Budget has dealt a blow to UK employers, with a sharp increase in Employers’ National Insurance (NI) contributions coming into force from April 2025. The rate employers will need to pay rose from 13.8% to 15% while the secondary threshold dropped to £5000, from £9100. With companies already navigating cost pressures and a […]

Gravita appoints Corporate and International Tax Partner Fiona Cross

Top 30 accountancy firm Gravita appoints Fiona Cross and releases data on gender diversity at Partner level.   LONDON, [22 November] 2024: Top 30 accountancy firm Gravita has bolstered its team with the appointment of Corporate and International Tax specialist, Fiona Cross. Fiona brings several decades of experience at Partner level in tax advisory, working […]

A guide to inheritance tax planning

Inheritance Tax (IHT) has remained largely unchanged for a long time now, despite an extensive review of the system pre-Brexit which hinted at wide-reaching changes. These never came to pass, and therefore the changes in the Autumn 2024 Budget are probably the most significant amendments in many years. What Changed? The biggest change announced was […]

Understanding the new rules for non-doms in the UK

The Autumn 2024 Budget introduces some of the most sweeping changes for non-doms in recent years. We are now moving to a tax residence-based system and away from the concept of domiciliation. For many years, UK tax rules have meant that non-doms do not have to pay UK taxes on income and gains arising outside […]

Changes to Inheritance Tax on private pensions 

The new Labour government recently announced a series of changes, including one that will impact how private pensions are treated for Inheritance Tax (IHT) purposes. From April 2027, private pension pots will be included in the value of an individual’s estate when calculating their IHT liability. This could significantly increase the IHT charge on estates, […]

Big changes ahead for Inheritance Tax relief on businesses

The long-standing ability to pass on family businesses without worrying about Inheritance Tax (IHT) is coming to an end on 6th April 2026. For as long as I can remember, Business Property Relief (BPR) has allowed individuals to transfer trading businesses to the next generation free of IHT, allowing family-owned businesses to carry on from […]

Changes to Inheritance Tax for Farmers 

Agricultural Property Relief (APR) and Business Property Relief (BPR) have long been crucial for farming families, helping to protect them from having to sell parts of their farms to pay Inheritance Tax (IHT) when the farmer passes away. These reliefs have allowed family farms to be passed down through generations without triggering a major IHT […]

2024 Autumn Budget Insights – changes to Inheritance Tax on AIM shares

Written by Tax Partner, Michaela Lamb For many years, investing in AIM shares has been a staple in the IHT planning armoury, almost a magic bullet one might say. This is because historically, AIM shares have qualified for Business Property Relief (BPR), providing 100% IHT relief and after only two years of qualifying ownership – […]

What the Finance Bill 2024-25 means for the Furnished Holiday Lets (FHL) Tax Regime

As announced earlier this summer, the Finance Bill 2024-25 will confirm that the Furnished Holiday Let (FHL) tax regime will be abolished. Starting in April 2025, income and gains from FHLs will be treated as part of a person’s regular UK or overseas property business. Historically, FHLs enjoyed more favorable tax treatment compared to other […]

Rachel Reeves’ First Budget Unveiled: Tax Perspectives, Analysis and Action

Own shares in a business? Need to think about the Budget and your assets? Worried about the changes to Inheritance Tax and pensions? Join Gravita on Thursday 14 November 2024 at 9:00am, for a deep dive into what the Autumn Budget means for business owners and their families.   The session is hosted by Gravita’s […]