Why you could be paying more tax in 2024

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Behind the excitement of tax cuts in the autumn statement, there are still reasons you might end up paying more tax than you expect in 2024.

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Published on 11 December 2023

It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.

After the National Insurance cut announced in the autumn statement, you’d be forgiven for thinking you’ll be paying less tax in 2024. But there’s still every chance that, you’ll be paying more. Despite the cut, there are still some sneaky tax rises you could fall prey to.

This article isn’t personal advice. Investments can fall as well as rise in value, so you could get back less than you invest. If you’re not sure what’s right for your circumstances, ask for financial advice.

Pension, ISA and tax rules can change, and benefits depend on individual circumstances.

The National Insurance (NI) cut does mean some people will face less tax on pay. But an awful lot of people could still be paying more in tax, including those who’ll be dragged across a higher income tax threshold by the freeze on those thresholds. By the time