30/10/2024
🚨 Autumn 2024 Budget Highlights 🚨
Here’s a quick rundown of the key changes announced:
🔹 Tax & National Insurance
• No changes to personal income tax or NI rates and thresholds.
• 📈 Employer’s NI rises to 15%, with the threshold dropping to £5,000. This adds an extra £666 cost per employee.
• 💡 Employer’s Allowance doubles from £5,000 to £10,500.
🔹 Living Wage
• National Living Wage increases to £12.21/hr.
• Minimum wage for 18-21 year olds goes up to £10/hr.
🔹 Corporation Tax
• No changes to small profits or main rates.
🔹 Capital Gains Tax (CGT)
• CGT on all assets now aligned with residential property rates at 18% and 24%.
• Business Asset Disposal Relief stays at 10% until April 2025, then gradually increases to 18%.
🔹 Stamp Duty
• 0% band reduced from £250,000 to £125,000, adding up to £2,500 more for buyers of a single property.
• Surcharge on second homes rises from 3% to 5%.
🔹 Inheritance Tax (IHT)
• Pensions now included within estates for IHT.
• Agricultural Property Relief capped at £1 million, with 50% relief beyond that.
• Business assets now get a 50% relief under IHT rules.
🔹 Business Rates
• Hospitality, retail, and leisure industries will receive a 40% relief.
📊 What do you think of these changes? Share your thoughts below! 💬👇
