UK Chancellor of the Exchequer presented the Autumn Budget 2024 to Parliament on 30 October 2024. Some of the main budget measures that will be included in the Finance Bill 2024-25 are summarized in the Autumn Budget 2024, which can be found on the official website of the UK Government.
UK Autumn Budget 2024 Presented to Parliament Including Several Tax Measures
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Author: Ivana Picajkić
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21.11.2024
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On October 30, 2024, the UK Chancellor presented the Autumn Budget 2024, outlining key tax measures for the Finance Bill 2024-25:
- Taxation for Non-UK Domiciled Individuals: The remittance basis will be abolished, transitioning to a residence-based system from April 6, 2025. New residents will not pay UK tax on foreign income for their first four years.
- Corporation Tax: The main rate remains at 25%, with the small profits rate at 19% for the financial year starting April 1, 2026.
- Capital Gains Tax (CGT): The main CGT rates will increase to 18% and 24% effective October 30, 2024. The Investors' Relief lifetime limit will be reduced from £10 million to £1 million.
- Carried Interest Taxation: From April 2026, carried interest will be taxed under Income Tax rules with a new multiplier; interim changes will raise CGT rates for carried interest to 32% from April 6, 2025.
- Energy Profits Levy (EPL): The EPL rate will increase to 38%, effective November 1, 2024, with changes to allowances,
- Stamp Duty Land Tax (SDLT): Higher rates for additional dwellings will rise from 3% to 5%, and the rate for companies purchasing properties over £500,000 will increase from 15% to 17%.
- Alternative Finance Tax Rules: Changes will align tax consequences for alternative financing with conventional arrangements starting October 30, 2024.
- Employee Ownership Trusts: Reforms will be introduced to prevent abuse while encouraging employee ownership.
- Liquidations of Limited Liability Partnerships (LLPs): New tax rules will apply during LLP liquidations from October 30, 2024,
- Capital Allowances: First-year allowances for zero-emission cars and charging points are extended until March/April 2026.
- Multinational Top-up Tax: New rules to address profit shifting and aggressive tax planning will be implemented starting December 31, 2024.
- Repeal of Offshore Receipts Rules: The Offshore Receipts in Respect of Intangible Property rules will be repealed effective December 31, 2024.
- Visual Effects Tax Relief: An enhanced tax credit for visual effects costs in film and TV production will be introduced from April 1, 2025.
- Cryptoasset Reporting Framework: New reporting requirements for UK resident taxpayers by UK service providers will take effect on January 1, 2026.
These measures aim to reform various aspects of taxation in the UK and are part of a broader strategy to improve compliance and efficiency in the tax system.
Here is the link to the Autumn Budget 2024:
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