On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) forecasts, the Chancellor had his work cut out.
Headlines included further cuts in National Insurance Contributions for workers and the self-employed, a slight increase in the VAT registration threshold and an increase in thresholds to reduce the number of people affected by the high-income child benefit charge. There has also been a cut in capital gains tax for higher earners disposing of residential property. However, income tax rates and thresholds remained static and inheritance tax continues to apply to the largest estates.
Our summary looks at the changes to:
- Reduction in NI contributions
- Corporate tax
- Residential property Capital Gains Tax
- Non-Dom tax status
- VAT thresholds
- Furnished holiday lettings
7th Mar 2024
UHY Hacker Young Spring Budget Summary 2024
Read our Spring Budget 2024 summary
