Headline Spring Budget Changes - 2024

Written By Guest User

Here’s a succinct overview of the Spring Budget changes announced on 6 March 2024:

Businesses:

  • VAT registration threshold raised to £90k, deregistration to £88k starting April 2024.

  • 2% National Insurance reduction for employees/self-employed from April 2024.

  • Enhanced tax reliefs for Arts sectors: Theatres, Museums, film, video.

  • National wage limit to increase.

Property:

  • Capital gains tax on property drops to 24% from April 2024.

  • Holiday let tax reliefs, including mortgage interest and pension contributions, end April 2025.

  • Multiple dwellings stamp duty relief ends after 6.4.2024.

Individuals:

  • New £5,000 ISA limit over existing allowances.

  • Higher Income Child Benefit Charge threshold rises to £60k before it becomes relevant, and the threshold at where the benefit is totally repaid is to be £80k from April 2024.

  • Fairer child benefit charge system based on household income starting April 2026.

  • Non-Domicile status ends April 2025, replaced by a new system.

  • No tax on foreign income/gains for new UK arrivals for first 4 years.

 

If you would like more details on the proposed changes, please contact us and we can advise you further once the full details have been released.

Guest User
Previous

Income Tax saving ideas
Next

How does the 2023 Corporation Tax changes affect your business?