Spring Budget 2024: Major Take-Aways 

Picture of Written by: Liez Comendador
Written by: Liez Comendador
Spring Budget 2024

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Chancellor Jeremy Hunt has presented the details for the Spring Budget in the House of Commons, the last scheduled before the anticipated general election later this year. The speech covers a lot of grounds. Here is a roundup: 

Tax Measures and Income Support 

  • National Insurance rates reduced by 2 per cent for both employed and self-employed: employees’ NI from 10% to 8%, whilst self-employed individuals from 8% to 6%, effective beginning 6 April 2024. 
  • An extra tax-free £5,000 allowance for ‘British ISA’ on top of the existing allowance of £20,000. 
  • Property capital gains tax higher rate reduced from 28% to 24%. 
  • Non-dom tax status to be scrapped beginning April 2025 for a new system. 
  • Extended repayment period for emergency budgeting government loans to people on benefits. 
  • Fuel duty remains unchanged at 5 per cent for another year. 
  • DWP’s Household Support Fund to continue for another six months. 
“Further 2p cut each for Class 1 and Class 4 NI will take effect on 6 April 2024.”

Business 

  • VAT threshold for small businesses increased from £85,000 to £90,000. 
  • The Covid-era government loan schemes for small businesses extended until March 2026. 

Housing 

  • Various tax breaks for furnished holiday let owners scrapped. 
  • Stamp duty multiple dwelling relief for buyers in England or Northern Ireland scrapped beginning June 2024. 
  • UK government to build up to 1 million new homes.  

Families 

  • Income threshold for child benefit to increase to £60,000 from £50,000 starting April 2024. 
  • Partial child benefit to be paid to households where the highest earner earns up to £80,000.  

Other Measures 

  • An additional £120 million to support green energy projects.  
  • £1 million dedicated to building a memorial honouring Muslims who served in the British armed forces during World War One and Two.   
  • Tax reliefs for touring and orchestral productions now made permanent.  
  • New tax credit to introduce for independent UK films with a budget of less than £15 million. 

For more UK tax news, stay tuned to Legend Financial. You may also reach out to us for your tax, accountancy, business development, and financial advisory needs! 

References

Budget summary: Key points from Jeremy Hunt’s speech. 7 March 2024. Retrieved from BBC: https://www.bbc.com/news/business-68359756 

What does the Budget mean for you and your money? 7 March 2024. Retrieved from BBC: https://www.bbc.com/news/business-68480102 

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  • Junaid Usman

    Apart from being a partner at Legend Financial, Junaid is an expert on Business Tax including business management advisory services which has proven in the growth of company. He is a promising advisor with an ideology; "Any business success depends on the level of objectivity it maintains."

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