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from April 2024, while the rate at which the charge is levied will be halved, so that child benefit will not be fully withdrawn until an individual’s income reaches £80,000.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.

Download your copy here.

 

Get in touch

As an employer, ongoing financial education can be beneficial, if you’d like to learn more about how you can support your employees with their financial wellbeing, we can help.

Email info@second-sight.com or call us on 0330 332 7143.

 

Whilst every effort has been made to ensure the accuracy and completeness of the information we give no guarantee, either express or implied. This is an information document only. If you believe the content may have an impact on your financial planning, please contact
your financial adviser.