Read our Autumn Budget Report. Yesterday the Chancellor delivered an Autumn Budget she believes will restore the stability of the public finances and restore public services.
The Budget measures aimed to raise over £40bn in taxes, by far the lions share coming from an increase in Employer’s National Insurance Contributions (ERNIC). The ERNIC rate was increased to 15% and the secondary threshold – the level of pay above which ERNIC applies – will fall from £9,100 to £5,000. Both changes are effective from 6 April 2025.
The main points from the Budget included:
- Personal tax rates and allowances on income continue to be frozen at current levels – no increases until 2028/29
- No changes to income tax reliefs on pension schemes
- Substantial increases in Employers’ National Insurance Contributions from 6 April 2025
- Increase in Capital Gains Tax rates from 30 October 2024
- Stamp Duty Land Tax surcharge for buying additional dwellings increased from 31 October 2024
- Confirmation that VAT will apply to private school fees from January 2025
- Major changes to taxation of ‘non-doms’ from April 2025
- IHT agricultural and business property reliefs restricted from April 20
We will be studying the details over the coming days and of course, if you would like to talk to us about any aspect of the Budget, please do get in touch.
Related Blogs:
