Key Tax Points from the 2024 Autumn Budget You Need to Know

The UK’s 2024 Autumn Budget, delivered by Chancellor Rachel Reeves, has brought in some sweeping tax changes and fiscal policies aimed at stabilising the economy and boosting public services. Here are six key highlights...

1) national Insurance and Capital Gains Tax

Employer’s National Insurance Contributions will increase by 1.2% to 15% starting in April 2025. Additionally, the Capital Gains Tax rate has been raised, with the lower rate moving from 10% to 18% and the higher rate rising from 20% to 24%, impacting those selling high-value ass

2) Freeze on Fuel and Alcohol Duties

To ease inflation, both fuel and alcohol duties are frozen. This continuation is set to save drivers an estimated £50 next year and provide additional support for the hospitality sector​

3) Private Schools and VAT

Starting January 2025, private school fees will be subject to a 20% VAT, which is a move aimed at balancing the tax burden more equitably. Business rates charitable relief will also be removed for these institutions by April 2025

4) Support for Savers

A new "British ISA" will offer an extra £5,000 allowance to encourage UK investment, and the introduction of a British Savings Bond from NS&I aims to boost long-term savings​

5) Furnished Holiday Lettings Tax Reform

The government is scrapping the tax regime for furnished holiday lets starting in April 2025, freeing up properties for long-term rentals to help local communiti

4) Pension Triple Lock and Inheritance Tax

The pension triple lock remains in place, and the inheritance tax threshold will be frozen until 2030. These measures will continue to benefit retirees while preventing more estates from facing additional taxes.

The 2024 Autumn Budget is a clear reflection of Labour's agenda to prioritise economic stability and equity. While the tax increases and broader reach of VAT and CGT may be seen as burdensome, the benefits for working people, like the rise in minimum wage and new savings incentives, are steps towards alleviating cost-of-living pressures.

However, the new tax policies could weigh heavily on business owners and high-net-worth individuals, possibly dampening investment incentives. This budget strikes a balance but leaves some significant challenges for businesses to navigate.

Capital Gains Tax Expertise: The Tax Faculty LLP Managing Partner Charles Tateson Named UK Capital Gains Tax Advisor of the Year 2023

The Finance Monthly Taxation Awards recognises the achievements of tax professionals from around the globe.

Winning such an award is no small feat. It is a reflection of hard work, extensive knowledge, and an ability to navigate the intricacies of the UK tax system.

Read more about Charles and the award here.

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