Spring Budget 2024

On Wednesday 6^th March Chancellor Jeremy Hunt delivered his Spring 2024 Budget.

We have created a summary of what we believe are the main points and announcements from the Chancellor’s Budget.

Download your copy below to read the full summary. Here are some key headline items:

• The main class 1 national insurance contribution (NIC) rate will drop from 10% to 8% from 6 April 2024, the second cut in six months.
• The main rate of class 4 self-employed NICs will similarly reduce from 8% to 6%.
• The high income child benefit charge (HICBC) will be reformed. The threshold increases to £60,000 from April 2024, while the rate at which the charge is levied will be halved, so that child benefit will not be fully withdrawn until an individual’s income reaches £80,000.
• For residential property disposals, the higher rate of capital gains tax (CGT) will be cut from 28% to 24% from 6 April 2024.
• A new UK individual savings account (ISA) will create an additional £5,000 allowance on top of the current £20,000 ISA limit.
• The furnished holiday letting tax regime will be abolished from 6 April 2025.
• From 1 April 2024, the VAT registration and de-registration levels will be increased to £90,000 and £88,000 respectively.
• The non-domicile rules will be replaced with a new regime based on residence from April 2025.
• Multiple dwelling relief within the stamp duty land tax (SDLT) regime for England and Northern Ireland will be abolished from 1 June 2024.

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