The Chancellor of the Exchequer, Rachel Reeves, presented her Autumn Budget 2024 to Parliament on Wednesday 30 October 2024
- An increase in Employment Allowance from £5,000 to £10,500
- Employer National Insurance Contributions to increase to 15% with the point at which employers start paying NI falling from £9,100 pa to £5,000 pa
- National Minimum Wage to increase to £12.21 for over 21s, £10 for 18-20 year olds and £7.55 for apprentices
- Personal tax thresholds for income tax and national insurance frozen to 2028.
- Business Rate relief for high street hair & beauty professional services and retail reduced from 75% to 40%
- A commitment to targeted support to combat shoplifting
- Main rate of Corporation Tax to stay at 25% until next election
- The lower rate of Capital Gains Tax to increase from 10% to 18%, with the higher rate to increase from 20% to 24% from October 30th 2024.
- An increase in the rates of Capital Gains Tax on carried interest from 28% to 32% from 6 April 2025
- Enterprise Investment Scheme and Venture Capital Trust Scheme extended
- Expansion of the HMRC counter fraud team and increase to the interest rate on unpaid tax debt
- Fuel Duty freeze to continue
Most of these changes will come into force from April 2025.
The British Beauty Council will be providing feedback to the Secretary of State for Business, Jonathan Reynolds. You can read more about how the budget will affect beauty here.
