Cryptax

An update from the budget:-

⬆️ Income tax and employee national insurance thresholds to increase in line with inflation from 2028.

📈Employers National Insurance to increase by 1.2% and threshold at which employers start to pay NI to reduce from £9,100 to £5,000 both from April 2025. Employers allowance increasing from £5,000 to £10,500.

🪙 Basic rate CGT increasing from 10% to 18%. Higher rate CGT increasing from 18% to 24%. The chancellor did not say when these changes would take effect. Lifetime limit for BADR remaining at £1,000,000 and BADR increases to be phased in to a maximum of 18% over the next 3 years.

🚜 Inheritance tax thresholds frozen until 2030. Inherited pensions to come into IHT from 2027. The first £1 million of combined agricultural assets and trading businesses will attract no IHT but any amounts above this will fall into IHT with 50% relief.

🌍 Non-dom tax regime being abolished and a residence based scheme to be introduced.

🏠 SDLT surcharge on second homes to increase by 2% to 5% taking effect from tomorrow.

📚VAT on private schools being introduced from January 2025 with their business rates relief being removed from April 2025.

🏦 Interest on unpaid tax to increase.

🚙Incentives for businesses to buy electric vehicles to continue but hybrids to be taxed.

💷National Minimum Wage to rise by 6.7%.

⛽ Fuel duty frozen for another year.