Bloomsbury's Tax Rates and Tables 2024/25: Spring Budget Edition

Bloomsbury's Tax Rates and Tables 2024/25: Spring Budget Edition

Welcome to Tax Rates and Tables 2024/25 (Spring Budget Edition), published by Bloomsbury Professional.

This edition of Tax Rates and Tables 2024/25 has been updated to reflect measures announced in the Spring Budget on 6 March 2024 and changes proposed in the Spring Finance Bill 2024.

The Spring Budget announced a reduction in the main rate of primary Class 1 National Insurance Contributions from 10% to 8% from 6 April 2024, while the main rate of Class 4 NIC will further fall to 6% from 6 April 2024 – see Chapter 14.

From 1 April 2024, the VAT registration and deregistration thresholds are amended via secondary legislation, increasing to £90,000 and £88,000 respectively – see Chapter 12.

Spring Budget 2024 also announced a reduction in the higher rate of capital gains tax for residential property gains from 28% to 24% from 6 April 2024 (Chapter 8), while the remittance basis of taxation for non-UK domiciled individuals is set for reform from 6 April 2025, with a move to a residence-based regime (Chapter 1).

I am very grateful for the help provided by Jason Croke with the VAT chapter of this edition, as well as the assistance provided by the editorial team at Bloomsbury Professional, particularly Jane Bradford for her patience and considerable skill in bringing all the material together.

I hope that you find Tax Rates and Tables 2024/25 (Spring Budget Edition) useful and practical.

Lucy Webb ACA CTAlucy@accountingthatcounts.comApril 2024

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