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Finance (No. 2) Act 2024 (c. 12)

Finance (No. 2) Act 2024 2024 CHAPTER 12 An Act to make provision in connection with finance. [24th May 2024] Most Gracious Sovereign W e , Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the King’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Legislation

Table of Content

1. Income tax charge for tax year 2024-25 U.K.

2. Main rates of income tax for tax year 2024-25 U.K.

3. Default and savings rates of income tax for tax year 2024-25 U.K.

4. High income child benefit charge U.K.

5. Measures relating to property U.K.

6. Reduction in higher CGT rate for residential property gains to 24% U.K.

7. Abolition of multiple dwellings relief for SDLT U.K.

8. First-time buyers’ relief from SDLT: acquisition of new lease on bare trust U.K.

9. Exemption from SDLT: registered providers of social housing etc U.K.

10. Purchases by public bodies not to be subject to special 15% rate of SDLT U.K.

11. Corporation tax charge and rates etc U.K.

12. Charge and main rate for financial year 2025 U.K.

13. Creative reliefs U.K.

14. Films: certification as low-budget film

15. Section 14 : commencement and transition U.K.

16. Increase in theatre tax credit U.K.

17. Increase in orchestra tax credit U.K.

18. Energy (oil and gas) profits levy U.K.

19. Circumstances in which the levy ends early: energy security investment mechanism

17. Measures relating to financial services U.K.

20. Collective investment schemes: co-ownership schemes U.K.

21. Other measures U.K.

22. Other definitions

23. Minor VAT amendments U.K.

24. Final U.K.

25. Interpretation U.K.

26. Short title U.K.

1. Income tax charge for tax year 2024-25 U.K.

2. Main rates of income tax for tax year 2024-25 U.K.

3. Default and savings rates of income tax for tax year 2024-25 U.K.

4. High income child benefit charge U.K.

5. Measures relating to property U.K.

6. Reduction in higher CGT rate for residential property gains to 24% U.K.

7. Abolition of multiple dwellings relief for SDLT U.K.

8. First-time buyers’ relief from SDLT: acquisition of new lease on bare trust U.K.

9. Exemption from SDLT: registered providers of social housing etc U.K.

10. Purchases by public bodies not to be subject to special 15% rate of SDLT U.K.

11. Corporation tax charge and rates etc U.K.

12. Charge and main rate for financial year 2025 U.K.

13. Creative reliefs U.K.

14. Films: certification as low-budget film

15. Section 14 : commencement and transition U.K.

16. Increase in theatre tax credit U.K.

17. Increase in orchestra tax credit U.K.

18. Energy (oil and gas) profits levy U.K.

19. Circumstances in which the levy ends early: energy security investment mechanism

17. Measures relating to financial services U.K.

20. Collective investment schemes: co-ownership schemes U.K.

21. Other measures U.K.

22. Other definitions

23. Minor VAT amendments U.K.

24. Final U.K.

25. Interpretation U.K.

26. Short title U.K.

Section 1

1. Income tax charge for tax year 2024-25 U.K.

Income tax is charged for the tax year 2024-25.

Section 2

2. Main rates of income tax for tax year 2024-25 U.K.

For the tax year 2024-25 the main rates of income tax are as follows— (a) the basic rate is 20%, (b) the higher rate is 40%, and (c) the additional rate is 45%.

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Finance (No. 2) Act 2024 (c. 12)

1. Income tax charge for tax year 2024-25 U.K.

2. Main rates of income tax for tax year 2024-25 U.K.

Finance (No. 2) Act 2024 (c. 12)

1. Income tax charge for tax year 2024-25 U.K.

2. Main rates of income tax for tax year 2024-25 U.K.