Mar 6, 2024
What does the Budget mean for you?
The theatre of Budget day may have allowed Chancellor Jeremy Hunt to set the stage for an election, by announcing major tax and spending plans. The UK's official forecaster, the Office for Budget Responsibility, has estimated as a result of the policy, almost four million more people will be paying income tax and three million will move into the higher bracket by 2029. Others can increase it by up to 2.99%. Some can increase bills by more than 5%, with government permission, such as Birmingham where council tax will rise by 21% in two years. The higher rate of property capital gains tax will fall from 28% to 24%. That affects some people who sell a property which is not their home. Non-domiciled people only pay UK tax on money earned in the UK. However, this status will be scrapped from April 2025 and replaced with a new system, potentially raising UK taxes for such people and raising revenue for the government.
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