< Go Back Budget 2024 The budget introduces £40bn in tax raises, with employers' national insurance contributions increasing by 1.2% to 15% from April 2025, and employers' will be charged on salaries in excess of £5,000 per annum (rather than the existing starting level of £9,100), generating for the government £25bn annually. However, the "Employment Allowance" will rise from £5,000 to £10,500, largely cancelling out the impact of rise in employers' national insurance contributions for many businesses employing up to around four or five staff. Income tax thresholds will rise with inflation from 2028-29, while capital gains tax rates will increase to 18% (from 10% - basic rate band) and 24% (from 20% - higher rate band), respectively, from 2025/26. Stamp Duty Land Tax for second homes has been increased by 2% with immediate effect. The CGT rate for residential properties remains at 24%.
The minimum wage will rise to £12.21, and significant investments are planned across a number of sectors: £6.7bn for education capital investment, £22.6bn for NHS day-to-day operations, and £5bn for housing in 2025-26.
The budget maintains the fuel duty freeze and implements VAT on private school fees from January 2025.
There is a great deal more detail in the October 2024 Budget - please see the additional detailed information linked to this News Section on our website.
Budget In Detail
