31/10/2024
Budget 2024: Key points at-a-glance
Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010, after the party’s return to power in July’s general election.
Here is a summary of the main TAX measures:
Personal taxes
Freeze on income tax and National Insurance thresholds to end in 2028, preventing people from being dragged into higher tax bands as their wages rise
Capital gains tax paid on profits from selling shares to increase from up to 20% to up to 24% - rates on additional property sales to stay same
Freeze on inheritance tax thresholds extended beyond 2028 to 2030
Business taxes
Firms to pay National Insurance on workers’ earnings above £5,000 from April, down from £9,100 currently, with the rate increasing from 13.8% to 15%
Employment allowance - which allows companies to reduce their NI liability - to increase from £5,000 to £10,500
Tax paid by private equity managers on share of profits from successful deals to rise from up to 28% to up to 32% from April
Main rate of corporation tax, paid by businesses on taxable profits over £250,000, to stay at 25% until next election
A full breakdown is available on the BBC website : https://www.bbc.co.uk/news/articles/cdxl1zd07l1o
We are working on a budget briefing. As soon as it is ready we will upload it to our website: www.ashmole.co.uk
