Spring Budget 2024: What you need to know

On Wednesday 6 March 2024, Chancellor of the Exchequer, Jeremy Hunt, delivered his Budget for Long Term Growth. His speech promised ‘more investment, more jobs, better public services, and lower taxes’.

The Chancellor made further changes to National Insurance contributions (NICs), following the cuts made in the Autumn Statement 2023. The rates for NICs will be cut further for both employees and the self-employed from 6 April 2024.

There was also a cut in the higher rate of Capital Gains Tax on residential property disposals and the creation of a new ISA allowance to encourage investment in promising UK businesses.

The Chancellor has responded to pressure from business groups by raising the threshold for VAT registration to £90,000 and announcing his intention to extend Full Expensing to leased assets.

The Chancellor made his cuts possible with a series of tax-raising measures. These included a new regime for non-doms, the abolition of the Furnished Holiday Lettings tax regime and Multiple Dwellings Relief, alongside a new duty on vaping and an increase in tobacco duty.

What you need to know

Please click here to read our summary of the announcements.

How can we help?

Please contact us if you need to discuss how these changes may affect your business or tax affairs in the coming months.

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