The Autumn Budget 2024 delivers significant fiscal changes relevant to members of the Giftware Association. This budget highlights increased public spending, tax adjustments, and new economic forecasts with implications for businesses in the giftware sector. Growth projections have been revised upwards for the short term, though inflation rates are expected to align with a 2% target only by 2029, potentially impacting interest rate strategies. Noteworthy updates include a rise in employer National Insurance contributions, adjustments to the Living Wage, and changes to Capital Gains Tax, particularly affecting business owners and investors.

Moreover, Inheritance Tax alterations, such as the merging of Business and Agricultural Relief, and modifications to pension death benefits signal substantial planning considerations for those transferring wealth or preparing for retirement. This summary of budget highlights aims to help members understand and navigate these adjustments, with recommendations to consult financial advisors to optimize strategies in light of the new fiscal landscape.

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Autumn Budget: Key Takeaways for Members

The Autumn Budget 2024 includes key financial updates impacting Giftware Association members. Major changes involve increases in public spending, taxation, and growth projections, alongside adjustments in National Insurance and the Living Wage. Critical changes to Capital Gains Tax, Inheritance Tax, and pension death benefits will affect financial planning for business owners. These shifts may require members to review their financial strategies, considering the broader economic landscape.

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