Budget 2024: UK to tighten belt as non dom and capital gains tax changes confirmed
Date: 2024-10-30
Chancellor Rachel Reeves has confirmed National Minimum Wage is set to increase to £10 an hour.
Addressing the Commons, Reeves announced that the government will raise taxes by £40 billion and Labour is abolishing the non-dom tax regime from April 2025.
Reeves also said the government will increase the Capital Gains Tax from 10% to 18%, and the Higher Rate from 20% to 24%, allowing the UK to have the lowest Capital Gains Tax rate of any European G7 economy.
Unveiling the change to national minimum wage, she said: ‘I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7% to £12.21 an hour… … worth up to £1,400 a year for a full-time worker.’
Also officially announced was a widely-criticised slashing of winter fuel allowance to millions of pensioners, as part of a commitment to fill a ‘£22bn black hole’ in public services left by the Tories.
The government also revealed plans to raise the price of vapes and tobacco as part of a drive to stop young people smoking, and pledged an additional £3bn annual boost to the armed forces.
Prices of pints are set to fall by a penny thanks to a lower draught duty.
