The Budget 6 March 2024

Jeremy Hunt today gave what could be his last Budget should there be a change in Government next Election, if the Prime Minister's "my working assumption is we'll have a general election in the second half of this year" quote is anything to go by!

The well leaked 2% cut in National Insurance did come to fruition but what else was in there in the run up to a General Election “second half of this year”!

  • VAT threshold to be raised to £90,000 from 1 April 2024, the first increase in a number of years.
  • Customary freeze in alcohol duty, and fuel duty to remain at current rate.
  • Great British ISA to be launched.
  • Excise duty on Vaping from 1 October 2026.
  • Property tax – Furnished Holiday Lettings ‘regime to be abolished’ from 6 April 2025.
  • Capital gains tax at higher rate of 28% on residential property to be reduced to 24% from 6 April 2024.
  • Non Doms taxation status to be abolished.
  • High Income Child Benefit to be moved to a household based system from April 2026, from 6 April 2024 threshold will be increased to £60,000 and tapered to £80,000 at which it is withdrawn.
  • National Insurance from 6 April 2024, class 1 for employees reduced to 8% from 10%, and for self employed reduced to 6% from 8%.

 

The following link to gov.uk website gives more detail:

Spring Budget 2024 - GOV.UK (www.gov.uk)

 

For those in Scotland, see what’s coming in income tax next tax year:

Scottish Budget 2024 to 2025: Your Scotland, Your Finances - a guide - gov.scot (www.gov.scot)

 

Whilst we have no reason to believe the above is not accurate it is for general guidance only. Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.


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