BUDGET 30th October 2024
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The Minimum wage will increase by 6.7% to £12.21 an hour for over 21s
Fuel duty is frozen for another year
Private school fees from January 2025 with have Vat added
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Tobacco tax will increase by 2% and rolling tobacco by 10%
Alcohol will rise in line with RPI accept draught duty will reduce by 1.7% which is about 1p off a pint in the pub.
Business tax a new low rate for retail, hospitality and leisure will be introduced from 2026/27 before that they will receive a 40% relief on business rates to £110,000
Non-doms to be abolished
Inheritance tax will remain frozen till 2030 allowance £325,000. Pension pots will be included from 2027
Capital gains tax will increase, lower rate from 10% to 18% and higher rate from 20% to 24%. Second homes will not face the increase remaining at 18% and 24% respectively.
National insurance for employees will not change however employers national insurance will go up by 1.2% to 15% from April 2025. They will also see the threshold where they start to pay employers NI reduce from £9,100 to £5,000 but for the employers that claim the employment allowance they will see this increase from £5,000 to £10,500.