The Autumn Budget 2024 announced by the Labour government has captured widespread attention, as it presents a series of changes focused on reshaping the economic landscape. This budget is crucial for many, as it introduces new policies that could impact individuals and families across the nation. In this article, we will outline the key changes and explain why staying informed about these updates is important.
Key Highlights of the Autumn Budget 2024
Personal Tax
The Lower Earnings Limit and the Small Profits Threshold for National Insurance contributions have been increased to £6,500 and £6,845 per annum respectively.
Class 2 and Class 3 National Insurance rates have been increased to £3.50 and £17.75 per week respectively.
The non-domicile scheme will be abolished from 6th April 2025.
Capital Gains Tax
Employer Tax
Inheritance Tax
Navigating the Changes Ahead
The list of changes mentioned above only scratches the surface of the extensive range of reforms implemented by the Chancellor. Our clients can expect to receive an in-depth analysis document that covers a greater number of reforms in further detail.
If you want more details on how the Autumn Budget 2024 may impact your situation, or if you need advice on tax planning and financial strategies, reaching out for help is a wise step. Our team is dedicated to assisting you in understanding the implications and ensuring that you benefit from these changes. We're here to provide personalised support, so don’t hesitate to get in touch!
Please note that the content of this article is intended for informational purposes only. It is not a substitute for professional advice. Readers are encouraged to seek guidance from qualified professionals regarding their specific situations.
Comments