Based in Andover, Hampshire

Budget summary – 30 October 2024

by | Oct 30, 2024

Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010. Below we summarise some of the key points.

Employer National Insurance – Increased to 15% from April 2025 and the threshold for employer NI contributions will be reduced from £9,100 to £5,000. The employment allowance is being increased from £5,000 to £10,500.

National Living Wage – will increase to £12.21 from April 2025. The 18-20 year old rate to increase to £10.

Capital Gains Tax – increasing to 18% at the lower rate and 24% at the higher rate. CGT rates on additional property sales remain unchanged.

Business Asset Disposal relief – will remain at 10% this year, and rise to 14% in April 2025 and 18% in April 2026

Inheritance tax – thresholds to remain frozeon until 2030.

VAT – added to private school fees starting in January 2025.

Stamp Duty – on second homes will rise to 5%.

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