You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
01799 530 335 | info@hsaaccountants.co.uk
Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to 'invest, invest, invest' to drive growth and 'restore economic stability'.
Ms Reeves said the Budget will raise £40 billion in taxes. Employers' National Insurance contributions (NICs) will be increased from next April while Capital Gains Tax rates will also rise. Inherited pensions will fall within the Inheritance Tax net from April 2027 while reliefs will be reformed on the passing down of agricultural and business assets. The Chancellor also confirmed the introduction of VAT on private school fees and the abolishment of the tax regime for non-UK domiciled individuals.
Ms Reeves said she would protect living standards by unfreezing the thresholds on Income Tax and employee NICs from 2028 while she extended the cut in Fuel Duty for another year. The Chancellor also pledged a decade of 'national renewal' with increased funding for schools and the NHS. Further spending announcements included housing, transport and the aerospace and automotive sectors.
See what we can do to support you and your business
People selling unwanted items online can continue to do so without any new tax obligations, HMRC has confirmed.
06 Dec 2024
Why not register to receive our free Monthly Newswire?
Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.
Learn More »