Key Talking Points on the Autumn 2024 Budget

Talking Points of the UK Autumn Budget 2024.

This week saw the antisipated Autumn budget form the Labour Party we had a few tid bits about what to expect but we are going to put together a summery for those that want the main talking points.

Personal Taxes

• Rates of income tax and national insurance paid by employees will remain unchanged.
• Basic rate capital gains tax on profits from selling shares to increase from 10% to 18% with the higher rate rising from 20% to 24%
• Rates on profits from selling additional property are unchanged

Transport

• 5p cut in fuel duty on petrol and diesel due to end in April 2025, kept for another year.
• Extra £500bn to repair potholes in England

Drinking and Smoking

• Tax on non-draught alcoholic drinks to increase by the higher RPI measure of inflation, but tax on draught drinks cut by 1.7%
• Government to review thresholds for sugar tax on soft drinks, and consider extending it to "milk-based" beverages

Government spending and public services

• Day-to-day spending on NHS and education in England is to rise by 4.7% in real terms this year, before smaller rises next year
• £1.3bn extra funding next year for local councils, which will also keep all cash from Right to Buy sales from next month

Housing

• Social housing providers to be allowed to increase rents above inflation under multi-year settlement
• Discounts for social housing tenants buying their property under the Right to Buy scheme to be reduced
• Stamp duty surcharge, paid on second home purchases in England and Northern Ireland, to go up from 3% to 5%
• Point at which house buyers start paying stamp duty on a main home to drop from £250,000 to £125,000 in April, reversing a previous tax cut
• Threshold at which first-time buyers pay the tax will also drop back, from £425,000 to £300,000
• Current affordable homes budget, which runs until 2026, boosted by £500m