Autumn Budget 2024: Looking at the impact on SMEs

“CGT increases on asset sales/business sales can impact future retirement plans, meaning clients work longer or save more. Salary tradeoffs are now more attractive considering that NI levels have increased.”

Stamp Land Tax: The increase in Stamp Land Tax for additional properties will affect business actors who buy property.

This is bad news for would-be property magnates: Higher Rates for Additional Dwelling Fees Stamp Duty Land Tax will rise from 3% to 5% on 31 October 2024, making things easier for those looking to move house, or buy their first property , a comparative advantage over second home buyers, landlords, and businesses purchasing residential properties.

Currently, buyers of homes worth less than £250,000 do not pay stamp duty. This amount has doubled from £125,000 under Liz Truss’ mini Budget in September 2022.

The threshold is £425,000 for those buying their first property. This fund was raised from £300,000 as part of the mini-Budget. This higher threshold will expire in March 2025, and will return to previous levels.

Current threshold:

• £0-£250,000 (£425,000 for first time buyers) = 0%
• £250,001-£925,000 = 5%
• £925,001-£1.5 million = 10%
• £1.5m+ = 12%Single rate of stamp duty charged when a company buys a residence worth more than £500,000 will also increase from 15% to 17%.

A single rate of stamp duty is charged when a company buys a residence worth more than £500,000 will also increase from 15% to 17%.