Budget In Brief - Raise Taxes By £40bn

31st October 2024

National Insurance contributions for employers will increase by 1.2% to 15% from April 2025, which she says will raise £25bn a year for the government.

Income tax and NI thresholds to rise with inflation from 2028-29

There will be no extension of the freeze in income tax and National Insurance thresholds beyond the decisions of the previous government.

From 2028-29, personal tax thresholds will be uprated in line with inflation once again.

Confirms VAT on private school fees
94% of children in the country attend state schools.
VAT on private school fees from January 2025, and that the government will soon introduce legislation to remove their business rates relief from April 2025.

Oil and Gas
The chancellor says she will increase the windfall tax on oil and gas profits to 38%, which will now expire in March 2030.
The government will remove the 29% investment allowance, to ensure, she says that oil and gas industry can protect jobs and support the UK's energy security.