The Taxation (Budget Measures) Bill was passed today in the House. The Bill contains measures announced in the Government’s 2024 Budget, including changes to personal income tax thresholds, adjustments to tax credits, Family Boost and an increase to the student loan interest rate for overseas based borrowers.

The new legislation now awaits Royal assent. Inland Revenue will provide detailed coverage of the new measures in an upcoming Tax Information Bulletin.

The Minister of Finance today introduced the Taxation (Budget Measures) Bill into the House. The Bill contains measures announced in today’s Budget, including changes to personal income tax thresholds, adjustments to tax credits, Family Boost and an increase to the student loan interest rate for overseas based borrowers. For details, on these, see:

• Taxation (Budget Measures) Bill
• Bill commentary
• Regulatory Impact Statements
• Disclosure Statement

The Government’s Budget for 2024 includes the following proposed measures:

• increasing the personal income tax thresholds for the bottom three income tax rates
• extending the Independent Earner Tax Credit
• increasing the In-Work Tax Credit and the Minimum Family Tax Credit
• introducing FamilyBoost which supports households with the cost of early childhood education, and
• temporarily increasing the interest rate charged on overseas-based borrowers’ student loans and for late repayments

For further information about these measures, see the information available on the Budget website.

Legislation has been introduced into the House to implement these measures: Taxation (Budget Measures) Bill