Harrold Financial Planning Autumn Budget 2024

10 Autumn Budget | 30 October 2024 Stamp duty land tax (SDLT) From 31 October 2024, the higher rate for additional dwellings SDLT surcharge will be increased from 3% to 5%. The single rate of SDLT charged on the purchase of dwellings costing more than £500,000 by corporate bodies will also be increased by two percentage points to 17%. As previously announced, the threshold of the 0% SDLT band for residential property will be cut from £250,000 to £125,000 from 1 April 2025. Between £125,001 and £250,000 a rate of 2% will apply. The 0% band for first time buyers will be reduced to £300,000 from 1 April 2025 for properties valued up to £500,000. Welfare and labour markets National living wage (NLW) and national minimum wage (NMW) Significant increases to the NLW and NMW were announced on 29 October. Rate Age £ per hour from 1/4/25 Increase over 2024/25 NLW 21 and above £12.21 6.7% NMW 18–20 £10.00 16.3% 16–17 £7.55 18.0% Apprentice rate All £7.55 18.0% Universal credit (UC) Employment and support allowance claimants are being moved to UC from September 2024 instead of 2028. A new fair repayment rate will cap debt repayments made through UC at 15% of the standard allowance rather than the current 25%. The UC surplus earnings threshold will remain at £2,500 in Great Britain until March 2026. Saver Don’t ignore UC. The income ceiling for UC now stretches well beyond £70,000 for some couples. UC – even just 1p a month – can unlock other benefits so you should check your eligibility

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