Spring Budget 2024

Key highlights from the Spring Budget include:

• No adjustments to income tax personal allowance and tax rates.

• Reduction of national insurance contributions for employees from 10% to 8%, effective from April 2024.

• Decrease in self-employed Class 4 NIC from 9% to 6% (previously slated for reduction to 8% in the last Autumn Statement).

• Increase in the high income child benefit charge income threshold to £60,000 from £50,000, with tapering between £60,000 and £80,000.

• Reduction of the higher rate of residential property capital gains tax from 28% to 24%.

• Increase in the VAT registration threshold from £85,000 to £90,000.

• Abolition of the 'Furnished Holiday Lettings' regime effective from 2025.

• Abolishment of the 'Non-dom' tax status, mandating foreign nationals residing in the UK, yet officially domiciled overseas, to be subject to UK tax on their worldwide income and gains.

• Scrapping of Stamp Duty relief for multiple dwellings purchased in a single transaction (Multiple Dwellings Relief).

• Introduction of the UK ISA with a £5,000 allowance, providing an additional tax-free avenue to invest in UK-focused assets, alongside existing ISA allowances. Additionally, the launch of British Savings Bonds through National Savings and Investments, offering a fixed interest rate guaranteed for three years.

• Minimal changes to inheritance tax, mainly focusing on administrative matters.