Budget 2024 - Key Points

Among the tax measures announced in the 90 minute-plus Autumn Budget speech were: 

• Increasing employer’s national insurance by 1.2 percentage points to 15% from April 2025 

• Reducing the secondary threshold on each employee's salary from £9,100 pounds a year to £5,000 pounds

• Increasing the employment allowance from 5000 pounds to 10,500 pounds. 

• Further investment and modernisation for HMRC

• Freeze fuel duty at 5p for another year

• Increasing the lower rate of CGT from 10% to 18% and the higher rate from 20% to 24% 

• Business asset disposal relief will remain at 10% this year, before rising to 14% in April 2025, and to 18% from 2026 27

• Confirmed VAT on school fees

• No extension to the personal tax threshold freeze

• An increase to National Living Wage from £11.44 to £12.21 an hour from April 2025

• A confirmation that the VAT on private school fees was going ahead

• Increasing the energy profits levy on oil and gas companies to 38%

• Increasing alcohol duty rates on non draft products in line with RPI from February 

• Removing the “outdated concept” of domicile from the tax system from April 2025

• Increasing the rate of air passenger duty by a further 50% 

• Increasing capital gains rates on carried interest to 32% from April 2025

• Increasing the stamp duty land tax surcharge for second homes to 5%

 

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