• National minimum wage – will rise in April 2025 aiming to move towards a single national rate
National Living Wage (21 +) £12.21
18-20 Year Old £10.00
16-17 Year Old £7.55
Apprentice Rate £7.55
• Employers’ NIC – to increases by 1.2% to 15% from April 2025 and threshold decreased at which NIC becomes payable will fall steeply to £5,000 from £9,100.
• Employment Allowance – to increase to from £5,000 to £10,000
• Tax and NI Thresholds – No change as depicted by the previous government but will increase in 2028/29 which will prevent more people becoming susceptible to higher tax bands.
• State Pension 
– to rise 4.1% increase of £470.00 per year
• Pension Credit – also to rise by 4.1%
• VAT – No change to VAT thresholds on rates
• Dividends 
– No change to Dividend allowances or rates
• Corporation Tax – to be kept at 25% along with the small profits 9£50k)rate of 19% and margin relief on profit between £50k and £250k
• Capital Gains Tax 
– from 30 October 2024 lower rate increase from 10% to 18% and higher rate from 20% to 24%. CGT on residential property remains unchanged.
• Business Asset Disposal Relief (BADR) – £1m lifetime allowance to be retained, but with an increasing rate from 10% to 14% in April 2025 then to 18% for 2026 & 2027
• Business rates – existing 40% relief on business rates for the retail, hospitality and leisure (RHL) industries will continue in 2025/26 up to a cap of £110,000 per business.
• Small Business Tax Multiplier – frozen at 49.9p and Standard Rate Multiplier at 55.5p
• Inheritance Tax – threshold frozen until 2030 but Inherited pension to be included in IHT from April 2027. This change would add pension wealth to the death estate and therefore the full inheritance tax charge could be applicable
• Stamp Duty Land Tax 
– Higher rates on additional dwellings increases by 5% from 31 October 2024.
• Right to Buy – discounts to be reduced so buying a council house will cost more.
• Tobacco duty 
– to increase with RPI
• Vaping Tax – from 1st October 2026 a new tax will be introduce costing £2.20 per 10ml bottle
• Air Passenger duty 
– on shortall to increase by £ 2 on shortall and 50% on private jets (if your lucky enough to use one) from 2026
• Non-dom regime – will be abolished from April 2025 with a new residence scheme to be introduced
• Carried Interest rate – to increase from 2025 to 32%
• Energy Profits Levy 
– increase to 38%
• Private Education 
– VAT to be introduced from January 2025 and business rates relief to be removed.
• Fuel duty 
– frozen for next year
• Car Tax – Increase with RPI from 1st April 2025.
• High Income Child Benefit 
– the charge will be allowed to be paid through tax codes from 2025
