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GWA Events – Rural Seminars and Bank of England Business Update

Rural Seminars –

We held two successful rural seminars in late Autumn 2023, one in Haddington, East Lothian and one at Howick Hall, Northumberland.

We collaborated with Galbraith, Turcan Connell, Womble Bond Dickinson and GSC Grays covering topics such as; making provisions for succession planning outwith the family business, when families fall out – pitfalls for agricultural clients and a focus on subsidies.

 

Bank of England – Business Update

In February, we welcomed The Bank of England Agent for North East England, Mauricio Armellini to our Berwick upon Tweed Office. He offered an insight into the Bank’s UK and global economy.

Mauricio joined invited clients, Partners and a selection of GWA staff for a business update. He covered the key points from the Monetary Policy Report including the impact of the policy and the outlook for growth in 2024.

Richard Ayre, Partner said, ‘It’s always great to have Mauricio visit us and share his insight and expertise on both the UK and Global economy. We thank Mauricio for spending time with us’.

A further webinar event is scheduled for May with The Bank of England Agent for Scotland, Iain Duff.  E-invites will be sent out closer to the time.

 

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News and Events

Abolition of the Furnished Holiday Lettings Regime

The favourable tax regime for Furnished Holiday Lettings (FHLs) was first introduced in 1984. Forty years later, in the Spring 2024 Budget the then Chancellor of the Exchequer, Jeremy Hunt announced its abolition from 6 April 2025.

Employers’ National Insurance Contributions (NICs)

The biggest revenue raiser in the Budget was the changes to NICs. The increase in Employers’ NICs (increasing from 13.8% to 15% from April 2025) grabbed many of the headlines. What has been largely overlooked is the reduction in “Secondary Threshold” from £9,100 to £5,000. Allied to the increase in the National Living Wage, the changes will particularly affect those in the care, retail, hospitality and cleaning/maintenance sectors.

Inheritance Tax

It is difficult to recollect a more seismic Budget in recent times. The last major changes to Inheritance Tax were made in 2006, but mainly in relation to Trusts. There was an expectation that Inheritance Tax reliefs would be reformed, most likely for landlords who lease out land which qualifies for Agricultural Property Relief (APR). It was considered much less likely that Business Property Relief (BPR) would be reformed, and there was a distinct lack of speculation in this regard.

End of Year Tax Planning

Wednesday 5 April 2025 sees the end of the current Tax Year. Following the new Chancellor's plans to continue to freeze
and in some cases reduce tax-free allowances; it is more important than ever to make the most of some timely tax planning.