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ARTICLE · 06 NOVEMBER 2024

UK Autumn Budget 2024: Key Changes

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The Autumn Budget introduces key tax changes: minimum wage increase, higher employer NICs, CGT and stamp duty hikes, extended inheritance tax thresholds, VAT on private school fees, and new residence-based rules for non-UK domiciles.

United KingdomTax
Nazali Attorneys
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The Chancellor of the Exchequer Rachel Reeves presented her Autumn Budget to Parliament on Wednesday 30 October 2024, some key tax changes are below:

Minimum wages: Legal minimum wage for over-21s to rise from £11.44 to £12.21 per hour from April. Rate for 18 to 20-year-olds to go up from £8.60 to £10, as part of a long-term plan to move towards a "single adult rate". Income tax band thresholds to rise in line with inflation after 2028, preventing more people being dragged into higher bands as wages rise.

Employer's NICs: The employer NICs rate will be increased from 13.8% to 15% from April 2025, when the threshold above which employer NICs is paid will additionally be reduced from £9,100 a year to £5,000 a year. For some employers, increases will be at least partly mitigated by increases to the employment allowance. The employment allowance allows employers to reduce the total amount of National Insurance they pay per year. Employment allowance increased, which

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