Unveiling the UK’s Spring Budget 2024: The Key Announcements and What you Need to Know

Introduction:

In the budget of 6th March, Chancellor Jeremy Hunt has presented the much-anticipated Spring Budget for 2024. Building upon the foundation laid in the previous year’s ‘Four Pillars’ approach, the Budget outlines strategic measures aimed at further bolstering the nation’s economy.

Please download Dixcart UK’s detailed Budget Summary above for comprehensive details, but the headline measures announced were:

  • National Insurance contributions for employees reduced from 10% to 8% from 6 April 2024
  • National Insurance contributions for self-employed reduced from 9% to 6% from 6 April 2024
  • High Income Child Benefit Charge threshold will go up from £50,000 to £60,000 from 6 April 2024. Further changes expected from 2026
  • VAT Registration threshold increased to £90,000 from current £85,000 effective from 1 April 2024
  • Full expensing extended to cover leased assets in future when affordable
  • Non-dom tax regime reformed from 6 April 2025. A residency based system will arrive in 2025
  • Higher rate of Capital Gains Tax on property reduced from 28% to 24% from 6 April 2024
  • Stamp Duty Land Tax – Multiple Dwellings Relief abolished
  • Fuel Duty – Temporary 5p cut will remain for another year
  • Alcohol Duty frozen for another year
  • Windfall Tax extended until 2029
  • Furnished Holidays Lettings tax regime abolished from April 2025
  • Vape Levy introduced and Tobacco Duty increased
  • Introduction of a new ISA, currently labelled “British ISA”

If you would like any further information regarding the new measures outlined above, please don’t hesitate to contact your usual Dixcart UK contact or enquire at advice.uk@dixcart.com

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