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Autumn Budget 2024

On 30 October 2024, Chancellor Rachel Reeves delivered the Autumn Budget. Read ICAEW's reaction and analysis.

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Podcast

Budget 2024: a gamble on growth

In this special episode of Accountancy Insights, we discuss whether the Autumn Budget will provide a much-needed shot in the arm for business confidence and investment activity.
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Insights

Budget 2024 verdict: big and bold, but borne by business

Chancellor Rachel Reeves focused on delivering economic stability with her wide-ranging first Budget – but short-term tax raising measures worth £40bn fall primarily on the shoulders of business.
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Insights

National insurance increases for employers announced in Budget

From April 2025, employers will pay national insurance contributions (NIC) on an employee’s earnings above £5,000 at the rate of 15%. The employment allowance will be increased to £10,500 per year to help smaller businesses.
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Tax insights

ICAEW welcomes increased funds for HMRC in Autumn Budget

HMRC has received additional investment, with its budget for 2024/25 increasing from £4.7bn to £5.2bn, and its initial budget for 2025/26 set at £5.8bn. However, HMRC is expected to make savings of £107m in 2025/26 from continuous improvement.
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Tax insights

940,000 employers to pay more NIC in 2025/26
  • Article
  • 19 Nov 2024
Legislation introduced to Parliament provides for the changes to employers’ national insurance contributions (NIC) announced at the Autumn Budget 2024.
Budget measures you may have missed
  • Article
  • 06 Nov 2024
ICAEW’s Tax Faculty picks out some important measures announced at Autumn Budget 2024 which didn’t make the headlines on the day.
Changes to indirect taxes made in Autumn Budget 2024
  • Article
  • 05 Nov 2024
ICAEW’s Tax Faculty provides a round-up of indirect tax measures announced in the Budget on 30 October 2024, including VAT, duties and the carbon border adjustment mechanism (CBAM).
Autumn Budget makes significant changes to inheritance tax
  • Article
  • 30 Oct 2024
The government has announced that the inheritance tax (IHT) nil rate band will be fixed for a further two years, business property relief (BPR) and agricultural property relief (APR) will be reformed and the exemption for pensions will be removed.
Budget makes changes to how the tax system is administered
  • Article
  • 30 Oct 2024
The Budget included several announcements on how HMRC will tackle non-compliance in the tax system, as well as an important update on making tax digital for income tax self assessment (MTD ITSA).
CGT and SDLT rates increased in Budget
  • Article
  • 30 Oct 2024
From 30 October 2024, the main rates of capital gains tax (CGT) will be increased to 18% and 24%. The 10% rate of CGT for disposals attracting business asset disposal relief (BADR) will increase to 14% (from April 2025) and to 18% (from April 2026).
Government publishes its plans for corporation tax
  • Article
  • 30 Oct 2024
The government has set out its intentions for corporation tax for the next five years, delivering on its commitment to publish a business tax roadmap at the Autumn Budget.
Budget updates on manifesto commitments
  • Article
  • 30 Oct 2024
The government has provided updates on some of the key measures included in the Labour Party’s general election manifesto, including the taxation of “non-doms” and charging VAT on services provided by private schools.
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Autumn Budget webinar

The Chancellor delivered the Autumn Budget on 30 October 2024, accompanied by a forecast from the Office for Budget Responsibility. In this webinar ICAEW's Tax Faculty reflects on the key announcements affecting individuals, employers, businesses and agents.

 
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Tax

Public finance insights

ICAEW publishes in-depth Fiscal Insight on Autumn Budget
  • Article
  • 26 Nov 2024
With the tax measures in last month’s Autumn Budget still reverberating, ICAEW delves into the detail with an in-depth analysis of what it all means for the public finances.
Public finances fall short as Chancellor defends tax rises
  • Article
  • 21 Nov 2024
The first monthly public sector finance release following the Autumn Budget confirms how much reliance the Chancellor is placing on tax rises to stabilise the public finances.

Tax announcements from the Scottish and Welsh Budgets

Scottish Budget makes income tax changes
  • Article
  • 09 Dec 2024
The Scottish government has set out its tax plans for 2025 to 2026, announcing changes to the income tax starter and basic rate bands and an increase in the rate of the additional dwelling supplement for land and building transaction tax (LBTT).
Residential land tax hike in Wales
  • Article
  • 11 Dec 2024
In its Budget for 2025-26, the Welsh government has announced that the rates of land transaction tax (LTT) for some purchases of residential property will increase by 1 percentage point.

Letters to the government

ICAEW Letter to the Chancellor Autumn Budget 2024
  • Representation
  • 18 Oct 2024
  • PDF (86kb)
A letter from ICAEW Chief Executive Alan Vallance to the Chancellor ahead of the Autumn Budget on 30 October 2024.
ICAEW Letter to the Chief Secretary to the Treasury Autumn Budget 2024
  • Representation
  • 17 Oct 2024
  • PDF (95kb)
A letter from Alison Ring, ICAEW Director for Public Sector and Taxation, to the Chief Secretary to the Treasury Darren Jones ahead of the Autumn Budget on 30 October 2024.
ICAEW letter to the Exchequer Secretary to the Treasury Autumn Budget 2024
  • Representation
  • 17 Oct 2024
  • PDF (115kb)
A letter from ICAEW's Head of Tax Strategy Frank Haskew to the Exchequer Secretary to the Treasury James Murray ahead of the Autumn Budget on 30 October 2024.

Charts

Chart of the week: Autumn Budget 2024
  • Article
  • 31 Oct 2024
Our chart this week looks at how the fiscal baseline inherited by the Chancellor has changed as a consequence of the Autumn Budget, with higher capital investment driving up borrowing needed to fund the deficit over the next five years.
Chart of the week: pre-Budget fiscal baseline
  • Article
  • 24 Oct 2024
Our chart this week looks at the fiscal baseline inherited by the Chancellor ahead of her first Budget next week.
Chart of the week: a new debt target?
  • Article
  • 17 Oct 2024
Our chart this week takes a look at how the debt target in the Autumn Budget later this month could change and what that might mean for the Chancellor’s capacity to borrow to invest.
Chart of the week: Taxing times
  • Article
  • 11 Oct 2024
Our chart this week is on the 15 taxes that make up 84% of total receipts, looking at the challenges the Chancellor faces in her hunt to find more money.

Pre-budget analysis

Budget investment urged for HMRC services
  • Article
  • 28 Oct 2024
ICAEW and CIOT are calling for more finance for HMRC customer services in the upcoming Budget, following the success of previous funding earlier this year.
UK at critical moment to transform economy
  • Article
  • 16 Oct 2024
Government must offer clear, stable policies for the UK to tackle the domestic and international economic, social and technological challenges ahead, ICAEW members told.
Economic update: examining pre-Budget indicators
  • Article
  • 01 Oct 2024
Ahead of the new government’s first Budget, interest rates are on hold despite the economy stagnating for the second successive month. ICAEW Economies Director Suren Thiru discusses the implications.
ICAEW helps to plot business tax roadmap
  • Article
  • 01 Oct 2024
ICAEW welcomes the government’s commitment to publish a business tax roadmap and has set out its recommendations to the Exchequer Secretary in both a meeting and letter.
Chancellor promises to improve the tax system
  • Article
  • 24 Sep 2024
Ahead of the Budget on 30 October 2024, the government has provided an update on how it intends to deliver on its commitment to reform, modernise and invest in HMRC.
ICAEW makes its case for Budget tax measures
  • Article
  • 19 Sep 2024
ICAEW has set out its recommendations for the business tax roadmap to be published at the Budget and has encouraged the government to carry-out a wider review of the tax system. ICAEW's Tax Faculty goes through the details.
Budget must take immediate action on growth, says ICAEW
  • Article
  • 19 Sep 2024
The Chancellor must put incentivising growth at the heart of the Budget, says ICAEW, as it calls for long-term fiscal planning, a fundamental review of the tax system and investment in skills and green technologies.
Economy explainers: private schools and VAT
  • Article
  • 16 Sep 2024
The Labour government has published draft legislation removing the VAT exemption for private schools from 1 January 2025. ICAEW’s experts outline the changes.

Policy and public affairs

Influencing policy to support you: October 2024
  • Article
  • 31 Oct 2024
Ahead of the Budget, ICAEW’s policy and public affairs teams communicated key policy recommendations to political stakeholders and reacted to the new consultation on an Industrial Strategy.
ICAEW engages with new government
  • Article
  • 12 Jul 2024
ICAEW has reached out to the Prime Minister and relevant departments offering support and outlining our priorities.
Read ICAEW's Budget submission

Business Confidence Monitor

ICAEW Business Confidence Monitor
  • Hub page
Quarterly reports on the economy which provide useful insight for finance professionals and their clients.
UK Business Confidence Monitor: National
  • Report
The latest national Business Confidence Monitor (BCM) for Q3 2024 shows a slight drop in sentiment. However, confidence remains high as businesses continue to expect sales and profits growth to improve significantly in the year ahead.
Tax concerns drive drop in business confidence
  • Article
Confidence among UK businesses fell in Q3, according to ICAEW’s analysis, fuelled by record tax burden concerns and weaker export growth, as businesses grow cautious ahead of the Autumn Budget.

Latest tax tables at your fingertips

Download the ICAEW Member app to access tax tables on the go. Updated after the Chancellor's Budget announcements to help you stay on top of changes. Just search for MyICAEW – it's available from the IOS App Store and Google Play.

 

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ICAEW member app tax tables

Further resources

Resources
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Economy

Expert analysis on the latest national and international economic issues and trends, and interviews with prominent voices across the finance industry alongside data on the state of economy.

Visit the hub
Resources
Analysis from ICAEW's experts on the Autumn Budget 2021 and the comprehensive spending review published on 27 October 2021.
Economy explainers

ICAEW experts offer simple guides to help understand the technical, economic jargon that is discussed when talking about public finances and the economy.

Find out more
Resources
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Bloomsbury Accounting and Tax Service

Read Bloomsbury's comprehensive Autumn Budget summary and see updates across impacted titles in their collection.

Autumn Budget summary Find out more