Cheers to a Cash‑Rich New Year!
According to Blick Rothenberg, the Treasury is set to ring in 2024 with a dazzling bang—record tax takings that’ll make even the hedgehog in the budget dance. Here’s the low‑down, sans any tax jargon hibernation.
Income Tax: The Jackpot is On
- £25 billion more in receipts for the year ending November than last year.
- Total takings approaching a staggering £850 billion.
- Personal income tax nudging close to the £290 billion mark.
- Pay‑As‑You‑Earn (PAYE) out of the gate: about £250 billion, up 8.3%.
- Overall income tax growth: roughly 7.5% year‑on‑year.
“Salary climbs in 2024 are pumping the numbers, because those frozen thresholds are basically giving the government a sneak‑peek into higher tax bands—financial drag that’s working maybe quietly, but delivers honest cash,” Tom Goddard mused.
Corporate Income Tax: A Look‑Good Dividend
- Corporate tax notching up a 10% jump.
- Year’s haul? Almost £90 billion.
- Yup, that’s all set to climb even higher when large firms drop their end‑of‑year payments in December.
NIC & CGT: A Slight Dip, But Still on the Horizon
- National Insurance Contributions slipped 2.2%.
- Capital Gains Tax fell 12.3%.
- But hold the front‑row seat—once the 24% CGT rate goes live on 30 Oct 2025, the numbers should rebound.
In short: the Treasury is closing 2024 looking all rosy, with Sun‑baked numbers promising more “record takings” once the January self‑assessment deadline lights up the page.
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