Budget 2024 - navigating the changes
After months of intense speculation, the Chancellor of the Exchequer, Rachel Reeves, delivered both her own and the new government’s first Budget yesterday.
www.penningtonslaw.comHere are the latest publicly reported CGT changes and Budget context you might find relevant.
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UK CGT rates and reliefs have seen notable changes in 2024–2025, with main CGT rates rising and reliefs such as BADR (Business Asset Disposal Relief) undergoing reform in some intervals. This included increases to the basic and higher CGT rates and adjustments to reliefs, as reported by professional bodies summarizing Budget measures.
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Some sources indicate new reporting and mechanism changes, such as requiring incorporation relief claims to be made rather than automatically granted from April 2026, and clarifications around non-resident CGT and anti-avoidance provisions for share reorganisations and exchanges. These reflect ongoing efforts to close loopholes and modernise rules.
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Budget speculation and subsequent confirmations in late 2024 and 2025 suggested potential expansions of CGT to gains on death, and discussions about an “exit tax” for emigrants, though details and timing can vary by prorogation and government announcements.
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For around-the-world context, other jurisdictions discuss CGT reforms (for example, Australia and the UK have seen varied debates on top rates, exemptions, and the interaction with national housing policies). If you’re looking for international comparisons or a specific country’s reforms, I can narrow that down.
What I can do next
- If you want, I can pull the most recent official Budget releases or tax authority summaries for the exact rates, reliefs, and effective dates, and present a concise table with current rates, exemptions, and notable relief changes.
- I can also tailor a quick checklist for your Amsterdam-based setup (NL resident) to understand any cross-border considerations, especially if you have UK interests (e.g., UK CGT on disposals by non-residents, reliefs that may be relevant to cross-border assets).
Would you like me to fetch the most recent primary sources (Budget documents, HMRC/UK government summaries) and deliver a precise, cited summary with current CGT rates and key relief changes? If you have a specific jurisdiction (UK, NL, or another country) or a particular asset class (shares, real estate, business disposals), tell me and I’ll focus the summary.