Spring Budget 2024

Budget, News, Tax,

With a General Election coming at some point this year, there was more pressure than ever on Chancellor Jeremy Hunt when he stood at the Dispatch Box yesterday to present his Spring Budget.

As always, there had been all sorts of speculation around the content.

Would he go for tax reductions, abolish tracts of red tape, or continue to look for ways to reduce inflation and debt?

The reality was a combination, alongside a lot of political point scoring and goading of the other parties, ready for the coming election!

What was actually announced?

The biggest announcements were:

  • The main rate of Employees National Insurance will be reduced to 8% from the 6th April 2024.
  • Self employed National Insurance will be reduced from 8% to 6% from the 6th April 2024.
  • The VAT registration threshold is increasing to £90,000 from April 1st 2024.
  • The ‘Full expensing‘ form of capital allowances is expected to apply to leasing in future.
  • The Child Benefit Charge (HICBC) is to be changed to a ‘household’ basis in 2026, but in the meantime the threshold and top level of the taper have both been increased.
  • The Recovery Loan Scheme is being extended.
  • The Furnished Holiday lets regime has been abolished.
  • The higher rate of Capital Gains Tax on Property has been reduced from 28% to 24%.
  • The ‘Non-Dom’ regime has been abolished.

The Summary…

To access our summary, which gives more details on all of the above and more besides, click on the button below:

If you’d like to read the Chancellor’s speech in full, you can do that here.

There was a lot of content in yesterday’s speech, and there will definitely be more detail to come. We’ll work through all of that, and the inevitable small print, and will post updates with this extra information as appropriate.

As always, if you have any specific questions from any of the announcements so far or the impact they may have on your personal or business affairs, please get in touch.

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