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01709 327 215 | info@branagans.co.uk

March 2024 | Spring Budget 2024


Chancellor Jeremy Hunt announced a series of tax cuts and changes in his Spring budget on Wednesday 6th March 2024. This article highlights the key points from the budget.

What are the key points from the Spring Budget?


National Insurance Tax Cut

The main news from the budget was a 2% cut to national insurance from 10% to 8% from April which will save the average employee around £450 a year. This follows the same 2% decrease in the autumn statement when it fell from 12% to 10%. This will save the average worker around £900 as a result of both cuts.

An equivalent cut was also announced for the self-employed.

Property tax

Chancellor Jeremy Hunt announced in the Spring Budget that higher property capital gains tax will be reduced from 28% to 24%, which he hopes will increase revenues caused by more transactions taking place.

Multiple Dwellings Relief, which was introduced to those buying more than one house in a single transaction, has been taken away.

Holiday lets

The furnished holiday lets regime, which offers tax advantages properties being rented out to holidaymakers and make renting out to holidaymakers more profitable than to long-term tenants will be abolished in April 2025. The move is expected to raise £300m a year for the Treasury.

Non-dom tax status

The chancellor has announced the elimination of the non-dom tax status, to be replaced by a more contemporary, streamlined, and equitable system starting April 2025. This status currently benefits individuals residing in the UK with specific foreign connections, frequently based on their father's birthplace outside the UK. It allows them to pay taxes on income earned within the UK but exempts their global income from UK taxation. Following a four-year transition period, newcomers to the UK will be subject to the same tax regulations as other UK residents.

Savings

A new 'British ISA' has been announced. This will give investors a tax free £5000 allowance to invest in UK shares. The measure is an attempt to entice investors to allocate more to UK stocks.

Child benefits

The upper earnings threshold - the point at which a parent starts to lose child benefit entitlements - will rise from £50,000 to £60,000. In addition, the earnings limit at which you stop being entitled to Child Benefit will increase from £60,000 to £80,000.

Economy

The VAT registration threshold will be increased from £85,000 to £90,000.

Fuel duty

Fuel duty is to be frozen for the 14th year running and the temporary 5p cut will remain for a further 12 months. This should save the typical motorist £50 next year.

Alcohol duty

The alcohol duty, which was due to go up by 3%, has been frozen for another 12 months.


If you require any further information about the Spring Budget, feel free to contact us  on 01709 327 215 or via email at info@branagans.co.uk.

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