ARTICLE · 06 NOVEMBER 2024

Autumn Budget 2024: Our Full Summary

Lubbock Fine

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The UK's 2024 Autumn Budget raises £40 billion in taxes, introducing higher National Insurance and Capital Gains Tax rates, abolishing the non-domiciled tax regime, and implementing residence-based tax on overseas work. Inheritance tax also broadens, affecting foreign assets.

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AUTUMN BUDGET 2024

Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to 'invest, invest, invest' to drive growth and 'restore economic stability'.

Billions in tax rises

Ms Reeves said the Budget will raise £40 billion in taxes. Employers' National Insurance contributions (NICs) will be increased from next April while Capital Gains Tax rates will rise with immediate effect. Inherited pensions will fall within the Inheritance Tax net from April 2027 while reliefs applying to agricultural and business assets will be reformed. The Chancellor also confirmed the introduction of VAT on private school fees and the abolishment of the tax regime for non-UK domiciled individuals.

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