Autumn Budget 2024

Budget news

Autumn Budget 2024: What might we see?
Speculation is rife. There are the known tax policies, we have insight into several consultations, there has been a lot of lobbying on the non-dom proposals. What might we see announced and what do we already know?

Paid Subscribers: Have you visited our 2024 Tax Update and Rolling Planner? This contains key summaries of whats new in 2024/25 for each different tax area: essential CPD and a great way to stay up to date.

Chancellor unveils part of new HMRC Package
A new package of measures were announced following the Labour Party conference, the Treasury plans for the government’s new Industrial Strategy will be complimented with a new Business Tax Road Map and a new Digital Transformation Roadmap for HMRC all set to make major reforms to the UK’s tax system, starting with a review of electronic invoicing (e-invoicing) as one method to reduce retail fraud. Further details are expected in the Budget on 30 October.

The Budget Responsibility Act 2024
Following the publication of the Budget Responsibility Bill in July 2024, the Budget Responsibility Act 2024 received Royal Assent on 10 September 2024. This creates a ‘fiscal lock’ that is designed to ensure that fiscally significant announcements made by the Government are subject to independent assessment and will not upset the financial markets.

Welsh Budget date set for 10 December 2024 
The Welsh Parliament has announced that its outline and detailed draft Budget will be published on Tuesday 10 December 2024. This will set out the tax, spending, and financing plans for Wales for 2025-26. 

Scottish Budget date set for 4 December 2024 
The Scottish Government has announced that its 2024 Budget will be held on Wednesday 4 December 2024. This will set the tax and spending plans for Scotland for 2025-26.