LS Legal News Bulletin
Autumn Budget 2024 Highlights: What You Need to Know
Wednesday 13th November 2024
🍁 The UK’s new government has announced its first budget, aiming to raise £40 billion in tax revenue—primarily from increased National Insurance contributions. Employers will now pay National Insurance for workers earning over £5,000 annually, down from the previous threshold of £9,100. This increase means that costs are rising, especially in part-time sectors like hospitality and care.
More tax changes to note:
• Income Tax: Personal allowances frozen until 2028, pushing many back into the tax system.
• Capital Gains Tax: Raised to 18% for basic rate and 24% for higher rate taxpayers.
• Stamp Duty: Buy-to-let investors see SDLT rise from 3% to 5%.
• Inheritance Tax: New rules impact pensions and business property relief starting April 2025.
While these changes may hit hard, understanding them can help you plan ahead! 💸📈
