Budget 2024: The Key Announcements and What you Need to Know

Spring Budget 2024

In the budget of 6th March, Chancellor Jeremy Hunt has presented the much-anticipated Spring Budget for 2024. Building upon the foundation laid in the previous year’s ‘Four Pillars’ approach, the Budget outlines strategic measures aimed at further bolstering the nation’s economy.

Please download our detailed Budget Summary above for comprehensive details, but the headline measures announced were:

  • National Insurance contributions for employees reduced from 10% to 8% from 6 April 2024
  • National Insurance contributions for self-employed reduced from 9% to 6% from 6 April 2024
  • High Income Child Benefit Charge threshold will go up from £50,000 to £60,000 from 6 April 2024. Further changes expected from 2026
  • VAT Registration threshold increased to £90,000 from current £85,000 effective from 1 April 2024
  • Full expensing extended to cover leased assets in future when affordable
  • Non-dom tax regime reformed from 6 April 2025. A residency based system will arrive in 2025
  • Higher rate of Capital Gains Tax on property reduced from 28% to 24% from 6 April 2024
  • Stamp Duty Land Tax – Multiple Dwellings Relief abolished
  • Fuel Duty – Temporary 5p cut will remain for another year
  • Alcohol Duty frozen for another year
  • Windfall Tax extended until 2029
  • Furnished Holidays Lettings tax regime abolished from April 2025
  • Vape Levy introduced and Tobacco Duty increased
  • Introduction of a new ISA, currently labelled “British ISA”

To find out how we can help your business, or if you have any questions regarding the 2024 Spring Budget, please contact us.

The information provided within this document is for general informational purposes only. While every effort has been made to ensure its accuracy, no responsibility can be accepted for inaccuracies. Readers are advised that laws and practices may change over time. This document is provided solely for informational purposes and does not constitute accounting, legal, or tax advice. Professional advice should be sought before making any decisions based on the contents of this document.