Here are the key details:

Personal Tax Updates

• Income Tax: Threshold freeze lifted for 2028-29, with levels increasing by inflation.

• Capital Gains Tax (CGT): Main rates rise from 10% and 20% to 18% and 24% from October 2024. For business asset and investor relief, CGT increases to 14% (April 2025) and 18% (April 2026) with a reduced lifetime limit of £1 million.

• Inheritance Tax (IHT): Thresholds freeze extended to 2030, and from April 2027, unused pensions and death benefits will count toward estates.

• Business & Agricultural Reliefs: First £1 million eligible for 100% relief, then 50%, with AIM shares capped at 50%. Digitalization funding for IHT management is also in place.

Employment & Business Taxes

• Employer NICs: Secondary threshold lowered from £9,100 to £5,000, with rates rising from 13.8% to 15% (April 2025 - April 2028). Relief for smaller businesses comes via an increase in employment allowance from £5,000 to £10,500.

• Company Car Benefits: Electric car benefit rates increase by 2% annually, reaching 9% by 2029-30, while hybrids will rise to 18% and 19%.

• Corporation Tax: Rate remains steady at 25%, supporting stability and long-term planning. Full expensing and capital allowances will continue, alongside R&D reliefs.

Property & Other Taxes

• Stamp Duty Land Tax: Rates increase from 3% to 5% for additional dwellings, with corporate purchases over £500,000 rising from 15% to 17%.

• Fuel Duty: Frozen again, estimated to have cost £100 billion in revenue since 2010.

• VAT: The government moves ahead with VAT on private school fees, despite concerns.

Tax Management & Compliance

The Budget includes new HMRC resources focused on closing the tax gap, with expected additional revenue of £6.5 billion. Plans include a 1.5% rise in late payment interest (from April 2025) and new measures to tackle marketed tax avoidance. By 2026, those interacting with HMRC on behalf of clients must be registered.

Summary

Now, we finally have some clarity - though there’s still more to learn. In the coming weeks, additional details will likely emerge on many of the Budget announcements, especially as the Finance Bill 2024-25 is published. Interestingly, the Chancellor mentioned “Autumn Budgets” in her speech, suggesting we may not see another Budget in the Spring - but time will tell.