Laura Cowan

• ‘Mansion tax’ – There will be a high value council tax surcharge on properties worth more than £2 million from April 2028.
• Four council bands will incur a surcharge of £2,500 for properties valued at £2 million rising to £7,500 for those worth £5 million or more.
• Tax-free allowance for cash ISAs to be reduced from £20,000 to £12,000 for under 65s.
• There will be a £2,000 a year limit on the amount that can be put into pensions under the salary sacrifice scheme without paying national insurance from April 2029.
• Scale-up businesses to get a three-year stamp duty exemption for new UK listings.
• Two child benefits cap will be lifted.
• Income tax thresholds will remain frozen for a further three years from 2028.
• Tax on property, savings and dividends income will increase by 2 percent.
• Capital gains tax relief given to company owners when they sell shares to employee-owned trusts to be cut from 100% to 50% with immediate effect.
• From April 2026, the minimum wage will increase. Over 21s will rise to £12.71 an hour, 18-20s to £10.85 and hour and 16 and 17 year olds will receive a minimum of £8 an hour.
• Fuel duty will remain as it is until September 2026 and then will rise in line with RPI from April 2027.
• Electric cars will attract a 3 pence per mile and 1.5 percent for plug in hybrids from 2028.
• Energy bills will be reduced by removing the most expensive green levy and government funding of the renewals obligation to reduce it to 25% until 2029.

You can find information on changes that were made in the 2024 budget here.

Author: Laura Cowan, head of private client