Autumn Budget 2024

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The principal measures affecting Taxeezy clients, taxwise...

Individuals and Landlords...

Income tax rates and National Insurance (NI) paid by employees, and of VAT, to remain unchanged.
Income tax band thresholds to rise in line with inflation after 2028.
Basic rate capital gains tax on profits from selling shares to increase from 10% to 18%, with the higher rate rising from 20% to 24%
Rates on profits from selling additional property unchanged.
Stamp duty surcharge, paid on second home purchases in England and Northern Ireland, to go up from 3% to 5%.
The point at which house buyers start paying stamp duty on a main home to drop from £250,000 to £125,000 in April.
The threshold at which first-time buyers pay stamp duty will drop back, from £425,000 to £300,000.
The threshold freeze for inheritance tax is extended by a further two years to 2030, with unspent pension pots also subject to the tax from 2027.
Allowances / exemptions when inheriting farmland to be reduced from 2026.

Income tax rates and National Insurance (NI) paid by employees, and of VAT, to remain unchanged.

Income tax band thresholds to rise in line with inflation after 2028.

Basic rate capital gains tax on profits from selling shares to increase from 10% to 18%, with the higher rate rising from 20% to 24%

Rates on profits from selling additional property unchanged.

Stamp duty surcharge, paid on second home purchases in England and Northern Ireland, to go up from 3% to 5%.

The point at which house buyers start paying stamp duty on a main home to drop from £250,000 to £125,000 in April.

The threshold at which first-time buyers pay stamp duty will drop back, from £425,000 to £300,000.

The threshold freeze for inheritance tax is extended by a further two years to 2030, with unspent pension pots also subject to the tax from 2027.

Allowances / exemptions when inheriting farmland to be reduced from 2026.

Employers to pay NI at 15% on wages / salaries above £5,000 per annum from April. This changes from 13.8% on salaries above £9,100.
Employment allowance - which allows eligible employers to reduce their annual National Insurance liability increases from £5,000 to £10,500
The minimum wage for over-21s to rise from £11.44 to £12.21 per hour from April
The rate for 18 to 20-year-olds to go up from £8.60 to £10.00.

Employers to pay NI at 15% on wages / salaries above £5,000 per annum from April. This changes from 13.8% on salaries above £9,100.

Employment allowance - which allows eligible employers to reduce their annual National Insurance liability increases from £5,000 to £10,500

The minimum wage for over-21s to rise from £11.44 to £12.21 per hour from April

The rate for 18 to 20-year-olds to go up from £8.60 to £10.00.

The 5p cut in fuel duty on petrol and diesel due to end in April 2025, is retained for another year.
The £2 cap on single bus fares in England, outside London and Greater Manchester, rises to £3 from January.
Air Passenger Duty to go up in 2026, by £2 for short-haul economy flights and £12 for long-haul ones, with rates for private jets to go up by 50%!
Vehicle Excise Duty paid for new non-electric cars to double in their first year, for all but the most efficient petrol vehicles.

The 5p cut in fuel duty on petrol and diesel due to end in April 2025, is retained for another year.

The £2 cap on single bus fares in England, outside London and Greater Manchester, rises to £3 from January.

Air Passenger Duty to go up in 2026, by £2 for short-haul economy flights and £12 for long-haul ones, with rates for private jets to go up by 50%!

Vehicle Excise Duty paid for new non-electric cars to double in their first year, for all but the most efficient petrol vehicles.