Finance (No. 2) Act 2024 contents (as enacted) with links to our guides on the relevant topics. With a general election held on July 4th, 2024 is all set to be a year of three Finance Acts.
This contains measures introduced at March’s Spring Budget and received Royal Assent on 24 May 2024
CONTENTS
Income tax charge, rates etc
1 Income tax charge for tax year 2024-25
2 Main rates of income tax for tax year 2024-25
3 Default and savings rates of income tax for tax year 2024-25
4 Freezing starting rate limit for savings for tax year 2024-25
High income child benefit charge
5 Increase in thresholds to £60,000 and £80,000
Measures relating to property
6 Reduction in higher CGT rate for residential property gains to 24%
7 Abolition of multiple dwellings relief for SDLT
8 First-time buyers’ relief from SDLT: acquisition of new lease on bare trust
9 Exemption from SDLT: registered providers of social housing etc
10 Purchases by public bodies not to be subject to special 15% rate of SDLT
11 Treatment of non-UK agricultural property and woodlands for IHT purposes
Corporation tax charge and rates etc
12 Charge and main rate for financial year 2025
13 Standard small profits rate and fraction for financial year 2025
14 Additional relief for low-budget films with specified UK connection
15 Section 14: commencement and transition
16 Increase in theatre tax credit
17 Increase in orchestra tax credit
18 Increase in museums and galleries exhibition tax credit and removal of sunset
Energy (oil and gas) profits levy
19 Energy security investment mechanism Measures relating to financial services
20 Collective investment schemes: co-ownership schemes
21 Economic crime (anti-money laundering) levy
Other measures
23 Minor VAT amendments
24 Collective money purchase arrangements
Final
25 Interpretation
26 Short title
Full legislation: Finance (No 2) Act 2024
