UK: The Autumn Budget 2024

Billions in tax rises

Ms Reeves announced that the Budget will increase taxes by £40 billion. Employers' National Insurance contributions (NICs) will rise from next April, and Capital Gains Tax rates will also be increased. Inherited pensions will fall within the Inheritance Tax scope starting April 2027, with reforms to reliefs on the transfer of agricultural and business assets. Additionally, VAT will be introduced on private school fees, and the tax regime for non-UK domiciled individuals will be abolished.

Protecting living standards

Ms Reeves stated that she intends to protect living standards by unfreezing the Income Tax and employee NIC thresholds starting in 2028, while extending the Fuel Duty cut for another year. She also pledged a decade of "national renewal," committing to increased funding for schools and the NHS. Further spending was announced for housing, transport, and the aerospace and automotive sectors.

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