Spring Budget 2024 – Key highlights
Todiscussanyissuesoropportunitiesarisingfrom the SpringBudget, email enquiries@om.uk orspeak to your usual OldMillcontact.
NationalInsurance
NationalInsurancemainrate cut from 10%to8%foremployees,and from 8%to6%for theselfemployedfrom April2024.
Non-DomicileTaxRegime
Tobereformed from April2025 andultimatelyscrapped, for nonUK nationalsintheUK whohavea non-domiciledtaxstatus.
BENEFITS
HighIncomeChildBenefit Charge
Thresholdchangingfrom £50k to £60k from April2024andthetop taper rate willextendto£80k.
From 2026,thethreshold assessmentwillbechangingfrom individualtohouseholdincome.
INDIVIDUAL OTHERPOINTS
Public Spending
Day-to-daypublicspendingbeing kept at1%growth.
NHSProductivity Plan
Pledgedtofund the £3.4bn productivityplaninfull to modernisetheNHSsystems
‘British’ISA
Anewform ofISAwhichwillcome intheform ofanextra £5,000taxfree allowance.
BUSINESS
Business Investment
VATregistrationthresholdwillgo up by£5,000to£90,000.
PROPERTY
CapitalGainsTax
CapitalGainsTaxhigherrate for residentialproperty istobe reduced from 28%to24% from April2024
FHL SchemeAbolished
TheFurnishedHolidayLettings regime willbeabolishedfromApril 2025,toscraptaxbreaks for second-homeowners wholetto holidaymakers.
StampDuty LandTax(SDLT)
Change
StampDuty LandTaxMultiple DwellingsReliefisbeingabolished from 1June 2024.
Growth
ECONOMY
Office for Budget Responsibility (OBR) expectseconomyto grow by0.8%thisyear,and1.9% nextyear.
Debt
Lowest nationaldebtintheG7: forecasts expectingdebt tofall below94% by2028.
Public Sector Borrowing
Borrowing figures due tohitbelow 3%,3years earlierthanforecast.
DUTIES
Fuel Duty
Fuel Duty frozen for thenext12 months,remainingatitscurrent rate of52.95pper litre,extending thecurrent 5pcut due toendthis month.
AlcoholDuty
AlcoholDuty freeze extendedto February 2025.
VapeLevy& TobaccoDuty
VapeLevyandone-offincreasein TobaccoDuty announced.
VATThreshold
Alldetailsare correctatthe date of publishing – OldMillisatradingname of OldMillAccountancy Limited.RegisteredinEngland Number13566765. Regulatedby the Instituteof Chartered Accountants inEngland and Wales for arangeof investment business activities.Registeredoffice MaltraversHouse, Petters Way, Yeovil, Somerset, BA20 1SH
Business investmentrisingto 10.6%ofGDP from 9.9%currently.