UK: Tax measures in Autumn Budget 2024
A summary of the key tax announcements
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October 31, 2024
The Chancellor on October 30, 2024, delivered the Autumn Budget 2024, which includes tax measures relating to:
Business
- Corporation tax rates
- Bank taxation
- Improving tax certainty
- Capital allowances
- Research and development (R&D) tax relief
- Business rates
- Transfer pricing
- Multinational and domestic top-up tax (Pillar Two)
- Energy profits levy increased
- Film and high-end TV tax relief
- Late payment interest
- Consultation on HMRC powers and processes
- Stamp duty land tax
- Value added tax (VAT) on private school fees
- Reporting regimes
Employers
- Employer’s national insurance contributions
- National living wage and national minimum wage
- Tackling non-compliance in the umbrella company market
- Mandatory payrolling of benefits in kind
- Setting the official rate of interest
- Taxation of company cars
- Overseas workday relief for internationally mobile employees
- International pension changes
Individuals
- Income tax and national insurance thresholds
- Inheritance tax (IHT) thresholds - the IHT nil rate band and residence nil rate band
- Inheritance tax
- Inheritance tax move to residence-based regime
- Reforms to IHT business property relief and IHT agricultural property relief
- Inheritance tax - extension of agricultural property relief to environmental land management
- Inheritance tax to be charged on pension pots from April 2027
- Inheritance tax digitalisation
- Increases to capital gains tax (CGT) rates and changes to CGT business asset disposal relief (BADR) and CGT investors relief
- Foreign income and gains regime
- Employee ownership trusts
- Carried interest
- Enterprise investment scheme and venture capital trusts
- Changes to the tax rules on liquidations of limited liability partnerships
- Making tax digital for income tax
- Devolved Scottish and Welsh income tax
Read an October 2024 report prepared by the KPMG member firm in the United Kingdom
Further information on and analysis of the Autumn Budget 2024 from the KPMG member firm in the United Kingdom can be found here
For more information, contact a KPMG tax professional:
Tim Sarson | tim.sarson@kpmg.co.uk