Chancellor Jeremy Hunt unveiled the 2024 Spring Budget on Wednesday, introducing a series of financial measures.
This year’s budget, the last scheduled before the forthcoming general election, focuses on providing relief to taxpayers, supporting families, and encouraging investment in the UK economy.
Here’s our summary of key points:
Taxation Changes
- National Insurance: Cut by 2p in the pound for employees and the self-employed.
- Fiscal Drag: Income tax and national insurance thresholds remain frozen.
- Non-Dom Tax Regime: Overhaul set for April 2025.
- Savings Incentive: New £5,000 UK ISA allowance for “UK-focused” shares.
Benefits and Support
- Child Benefit: Thresholds increased to benefit more families.
- Emergency Loans: Longer repayment periods for benefit recipients.
- Debt Relief: £90 admin fee for debt relief orders scrapped.
Consumption Taxes
- Alcohol Duty: Freeze extended until February 2025.
- Vaping Tax: New tax from October 2026; tobacco duty also increased.
Transport and Energy Initiatives
- Fuel Duty: 5p cut extended for another year.
- Energy Firm Tax: “Windfall” tax extended until 2029, with significant investments in nuclear and green energy.
Housing
- Property Sale Tax: Cut from 28% to 24%.
- Holiday Let and Stamp Duty: Tax breaks scrapped..
Economic Outlook
- Growth and Inflation: Modest growth expected; inflation to fall below 2%.
- Public Debt and NHS: Debt rising; NHS budget increased for service improvement.
Business Support
- VAT Threshold: Increased to £90,000 for small businesses.
- Loan Scheme and Tax Reliefs: Extended and made permanent for cultural productions.
Additional Measures
- Cultural and Film Support: Funding for a memorial to honour Muslims who fought for Britain in the World Wars and a new tax credit for independent UK films.
Our comprehensive 2024 Spring Budget Summary delves into these key measures, alongside other changes that could impact your business or personal finances.
For a detailed analysis, please read our full 2024 Spring Budget report here.
| If you need advice on how the 2024 Spring Budget’s announcements might affect you or your business, don’t hesitate to contact us. Our team is ready to provide you with the insights and guidance you need to navigate these changes effectively. |
