No surprises, no frills: Budget 2024

Well, the big news of the past week was Budget 2024. However, as my heading suggests, it was a ‘let’s steady the ship’, no surprises document, which I suspect most of us in the tax world already appreciated. The ‘pre-announced’ tax cuts were, in effect, simply a change in the threshold bands—arguably long overdue since they have not been inflation-adjusted for over a decade.

So, effective from July 31, 2024 (composite rates will apply for the 2024-25 income year, therefore), the new bands will be: