Autumn Statement 30 October 2024

Main rate of Class 1 NICs to remain at previously announced rate of 8% from April 2025.

Class 4 NICs rate will be remain at 6% from April 2025

Employers NICs rate to increase to 15% from April 2025.

Employers NIC secondary threshold to reduce from £9,100 to £5,000 from April 2025.

Employers NIC "Employment Allowance" to increase to £10,500 from April 2025.

Personal Income Tax and National Insurance contributions thresholds, remain fixed at their current rates until April 2028.

National Living Wage to increase from £11.44 an hour for age 21 and over to £12.21 from 1 April 2025.

NMW rates to apply from April 2024:

• 18 to 20 year olds from £8.60 to £10.00 per hour
• 16 to 17 year olds from £6.40 to £7.55 per hour

Dividend Allowance to remain at £500 for the 2025/26 Tax Year.

Furnished Holiday Lettings regime will still be abolished from 6 April 2025. Going forwards profits will be taxed in the same way as any other rental property profits.

Capital Gains Tax higher rate on residential property gains remains at 24% and 18% for the basic rate.

Additional dwellings rate of Stamp Duty Land Tax will increase from 3% to 5% above the standard residential rates from 31 October 2024.

Capital Gains Tax Annual Exempt Amount remains at £3,000 from April 2025.

No change to Corporation Tax rates from 1 April 2025:

• 19% for taxable profits below £50,000 (small profits rate)
• 25% for taxable profits above £250,000 (main rate) Marginal Relief available to be tapered between the small profits rate and the main rate.

100% Capital Allowance first year tax relief (in addition to current AIA allowances) for Limited Companies only, remains.

Main rate of IHT remains at 40% and the nil rate band of £325,000 will be frozen until 2030. Potentially Exempt Transfers' period remains at 7 years.

Individual's undrawn pension fund will be subject to Inheritance Tax from 6 April 2027.

No changes to current ISA limits or taxation of savings. The new "UK ISA" will no longer go ahead.

Van and Fuel benefit amounts increased from £3,960 to £4,020 and £757 to £769 for 2025/26.

HMRC Double cab pick up with a payload of 1 tonne or more, tax treatment changed to be treated as Cars for Capital Allowances and Benefits in Kind from 6 April 2025 (contracts or purchases prior to 6 April 2025 no change).

No change to the High Income Benefit Charge threshold from £60,000.

Alcohol duties on draught products below 8.5% abv to be cut by 1.7% from 1 February 2025.

Fuel duty rates will remain frozen for 2025/26.

Significant changes to "Non-Dom" UK residency and Domicile regime from April 2025.

HMRC interest rate on late paid tax will increase from April 2025 to 4% above the Bank of England Base Rate