May 22nd 2024 11:41 am

Written by Chris Jarvis

home :: tax news :: personal tax

Are More Tax Cuts Coming Autumn 2024?

Further cuts to National Insurance could be promised as part of an pre-Election giveaway later this year.

Another rumour as the pre-Election leaks continue, and adding to the possible stamp duty cut, is more tax cuts this Autumn.

Now it is suggested that Chancellor Hunt is planning more radical moves than just widening the nil rated band on stamp duty a little.

What would now amount to the third time NICs were cut, with the previous two cuts taking the Class 1 payslip deduction from 12 percent down to 8 percent in two swipes.

It is unknown the extent to which another cut will go, but the government has previously said they would like to remove the tax altogether. This is highly unlikely with current warnings on the state of public finances by the IMF. They want the government to build up more of a buffer before spending.

A further two percent cut would bring Class 1 NICs down to 6 percent and Class 4 (self employed) NICs down to 4 percent - a decent help to people struggling with the ongoing rising cost of living.

The growing confidence to implement these measures come not just as the Election looms, but news that the GDP of the country is growing (albeit as 0.6 percent), as opposed to the recession in the post-Summer 2023.

See more articles from May 2024

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