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Autumn Budget - October 2024

Posted by siteadmin on Wednesday 30th of October 2024.

  • The cap on single bus fares will rise to £3 on 1 January 2025. Throughout 2025, most single bus fares will not exceed £3, while fares less than £3 will only be allowed to increase by inflation.
  • From the start of January 2025 there will be a 20% VAT charge on private school fees.
  • The energy industry windfall tax on the profits that oil and gas firms make will increase and be extended from 1 November.
  • The Chancellor pledges £11.8bn to compensate the blood scandal victims and £1.8bn for the victims of the Post Office scandal.
  • Chancellor Rachel Reeves says this budget will raise taxes by £40bn.
  • HMRC will hire 5,000 extra compliance officers and update their IT systems to help close the tax gap.
  • The Chancellor Rachel Reeves has confirmed the national minimum wage will increase by 6.7% from April 2025.
    Apprentices - from £6.40 to £7.55
    Under 18 - From £6.40 to £7.55
    18 to 20 - from £8.60 to £10
    21 and Over - from £11.44 to £12.21
  • In 2025-26 the State Pension will increase by up to £470 in line with the Triple Lock.
  • Fuel duty will remain frozen in 2025.
  • Carers can now earn over £10k per year whilst keeping carers allowance. Carers allowance will increase from £81.90 per week to "the equivalent of 16 hours at the National Living Wage per week".
  • There will be no increase the basic, higher or additional rates of Income Tax, National Insurance, or VAT.
  • Employers' NI contributions will increase by 1.2% to 15% from April 2025. The secondary threshold will decrease from £9,100 to £5,000.
  • The employment allowance will increase from £5,000 to £10,500, which the Chancellor says will mean 865,000 employers won’t pay any National Insurance at all next year.
  • The lower rate of Capital Gains Tax will rise from 10% to 18%. The higher rate CGT will rise from 20% to 24%.
  • From 1 Oct 2026 there will be a vaping duty of £2.20 per 10ml of liquid.
  • Non-domicile status will be removed from the tax system from 6 April 2025.
  • The inheritance tax threshold freeze extended until 2030.
  • From January 2025, VAT will apply to all education, training and boarding services provided by private schools.
  • Air passenger duty on private jets is increasing by a further 50%, equivalent to £450 per passenger.
  • Air passenger duty on an economy short haul flight will increase by no more than £2.
  • There will be a 40% relief on business rates for retail, hospitality and leisure.
  • There will be a 1.7% cut to the duty on draft alcoholic drinks.
  • £2.26bn for Ukraine as part of a G7 scheme in addition to the £12.8bn of support since the war began.
  • The freeze in income tax and national insurance thresholds will not be extended. From 2028-29, personal tax thresholds will be updated in line with inflation.
  • Funding will be allocated for the 80th anniversary of VE and VJ day in 2026.
  • There will be a £1bn increase in special educational needs funding.
  • There will be an extra £1.3bn for councils, including at least £600m for social care and £230m for tackling homelessness.
  • There will be an extra:
    • £3.4bn for the Scottish Government
    • £1.7bn for the Welsh Government
    • £1.5bn for Northern Ireland Executive
  • The Welsh Government will receive £25m for the maintenance of coal tips.
  • The Ministry of Defence's budget will increase by £2.9bn in 2025.
  • The amount employers can claim back from their National Insurance bill will increase from £5,000 to £10,500.
  • Stamp Duty on second homes increased by 2% to 5% on 31 October.
  • £5bn will be provided for affordable housing, and local authorities will be able to keep all receipts from the sale of council houses.
  • There will be £6.7bn of capital investment for DoE.
  • Funding will be provided to 11 new green hydrogen projects across Great Britain.
  • There will be an additional £6.7bn capital investment for the Department for Education including over £1.4bn to rebuild 500 schools "in the greatest need".
  • There will be a £22.6bn increase to the day-to-day NHS budget, and £3.1bn in capital NHS spending for the delivery of two million extra NHS appointments.
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