Chancellor Rachel Reeves is delivering Labour’s first budget in 14 years. During her speech, she promised to support working people, rebuild public finances, focus on NHS, and get Britain building again. While she aims to help working people and small businesses, she emphasises that any Chancellor must make difficult decisions. Even though these decisions were difficult to make, they were necessary to improve the UK’s financial situation.
Here are some of those difficult decisions:
1. Stamp Duty Rises from Tomorrow
The stamp duty land surcharge for second homes has been raised from 3% to 5%. This will take effect tomorrow, 31 October 2024.
2. Inheritance Tax Threshold Freeze Extended
The government has extended the Inheritance Tax threshold freeze for two more years to 2030.
This means that the first £325,000 of any estate can be inherited tax-free, rising to £500,000 if the estate includes a residence passed to direct descendants and £1 million when a tax-free allowance is passed to a surviving spouse or civil partner.
3. Income Tax and National Insurance Threshold Freeze Ended
This government will not extend the freeze on Income Tax and National Insurance thresholds beyond the date fixed by the previous government. This means that the tax thresholds will rise in line with inflation from the Tax Year 2028/29.
Chancellor Reeves defended the government's decisions in the Autumn Budget as responsible and necessary to ensure fiscal stability and increase growth.
Stay tuned as we are providing live updates of Labour’s policies in this Autumn Budget!
- Could the Autumn Budget 2026 Bring Down the UK Mansion Tax Threshold to £1.5m? - 25 September 2026
- The Bank of England Interest Rate Stays at 3.75%. But Here’s the Catch - 18 September 2026
- The North Is Now the Fastest UK Rent Growth Region. Here’s What That Does to Rental Yields - 17 September 2026
