Autumn 2024 UK Budget
An accounts summary of the Autumn 2024 UK Budget:
🟠 Income Tax & National Insurance Threshold Freeze: Continues through 2028, pushing more into higher tax bands due to fiscal drag.
🟠 Minimum Wage Hikes:
– 21+: Increases from £11.44 to £12.21/hr in April 2025.
– 18-20: Rises from £8.60 to £10/hr, moving toward a single adult rate.
– 16-17: Up from £6.40 to £7.55/hr.
🟠 National Insurance for Employers: Rate up to 15%, with threshold lowered from £9,100 to £5,000.
🟠 Capital Gains Tax: Lower rate rises to 18%, higher to 24%; residential gains remain unchanged.
🟠 Inheritance Tax: Freeze on £325,000 threshold until 2030; pension pots now included.
🟠 Corporation Tax: Main rate held at 25% with full expensing and £1 million Annual Investment Allowance maintained.
🟠 Stamp Duty: Surcharge on second homes raised from 3% to 5%.
🟠 Business Rates Relief: New 40% relief for retail and hospitality, while private schools lose their exemption from 2025.
🟠 Non-Dom Status: Ending in 2025, replaced by a residence-based tax system.
🟠 Green Incentives: EV company car tax rates held steady to encourage adoption.
🟠 Private Schools VAT: Private schools will be lose their VAT exemption from January 2025.
More details on the Autumn 2024 UK Budget can be found here
