Budget 2024 Income Tax Updates

Budget 2024 Income Tax Updates. The government will introduce legislation in spring finance bill 2024 to set the charge for income tax, and the corresponding rates, as it does. Highlights include revised tax slabs, increased deductions, and simplified taxation.

These changes will take effect on or after 6 april 2025 for income tax and capital gains tax and from 1 april 2025 for corporation tax and for corporation tax on chargeable gains. * ms reeves announced £40 billion of tax rises.