![]() The lower rate will remain at 18% for any gains that fall within an individual’s basic rate band. The change will take effect from 6 April 2024. 1.4 Changes to the Capital Gains Tax rate on UK residential property disposalsĪs announced at Spring Budget 2024, the government will introduce legislation in Spring Finance Bill 2024 to reduce the higher rate of Capital Gains Tax for residential property gains from 28% to 24%. The measure will have effect from Royal Assent to Spring Finance Bill 2024. The government will introduce legislation in Spring Finance Bill 2024 to ensure that the Commissioners of HMRC can accommodate the detailed provisions necessary for the treatment of funds transferred from a CMP scheme in the process of winding up.įurther consequential tax changes will then be made through secondary legislation to authorise payments made during the wind-up process. The Pension Schemes Act 2021 introduced legislation to allow collective money purchase ( CMP) pension schemes to operate in the United Kingdom. 1.3 Collective money purchase ( CMP) winding up ![]() This measure will apply to the whole of the UK. 1.2 Starting Rate for Savings LimitĪs announced at Spring Budget 2024, the government will introduce legislation in Spring Finance Bill 2024 to retain the 0% band for the starting rate for savings income at its current level of £5,0 to 2025. The UK rates are reduced by 10 pence in £1 for Welsh taxpayers, and the Welsh rates of income tax for non-savings, non-dividend income are set by the Welsh Parliament and added to the UK rates. Income tax rates and thresholds on non-savings, non-dividend income for Scottish taxpayers are set by the Scottish Parliament. the default rates for 2024 to 2025, which will apply to non-savings, non-dividend income of taxpayers who are not subject to the main rates of income tax, Welsh rates of income tax or the Scottish rates of income tax.the savings rates for 2024 to 2025, which will apply to savings income of all UK taxpayers.the main rates for 2024 to 2025, which will apply to non-savings, non-dividend income of taxpayers in England, Wales, and Northern Ireland.The government will introduce legislation in Spring Finance Bill 2024 to set the charge for income tax, and the corresponding rates, as it does every year. Chapter 1 - Spring Finance Bill 2024 Personal Tax 1.1 Income Tax charge & rate None of these announcements will require legislation in Spring Finance Bill 2024 or have an impact on the government’s finances at this stage.įor an update on previously announced consultations, see the tax policy consultation tracker. The government will bring forward a further set of tax administration and maintenance announcements on 18 April 2024. Table 1 lists measures in this document without a corresponding announcement in the Budget report.Īnnex A provides tables of tax rates and allowances for the tax year 2023 to 2024 and the tax year 2024 to 2025.Īnnex B provides a guide to the impact assessments set out in tax information and impact notes. The information in the document is set out as follows:Ĭhapter 1 contains details of all measures that are included in Spring Finance Bill 2024.Ĭhapter 2 contains details of measures which are part of Spring Budget 2024 but are not in Spring Finance Bill 2024. Spring Budget 2024 will be published on 6 March 2024. It is intended for tax practitioners and others with an interest in tax policy changes, especially those who will be involved in consultations both on the policy and on draft legislation. This document sets out the detail of each tax policy measure announced at Spring Budget 2024 and of previously announced measures that will be included in Spring Finance Bill 2024.
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