UK Budget 2024 – Blog 1
Post Author:
Anne Melville
Date Posted:
March 9, 2024
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On 6 March 2024, the 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 was also 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.
In the following series of blogs, we will cover the UK Budget 2024 in full and what it means for you:-
Blog 3 – Tax on Savings and Dividends
Blog 4 – The High Income Child Benefit Charge
Blog 6 – National Insurance for the Self-Employed
Blog 9 – Annual Tax on Enveloped Dwellings (ATED)
Blog 10 – Research & Development (R & D) Reliefs
Blog 13 – Tax Regime for Furnished Holiday Lets (FHLs)
Blog 15 – UK Residency and Domicile
As you will see, as we move into 2024/2025, there are a lot of tax changes on the horizon, with more likely to come alongside the general election. Where the government gives with one hand (e.g. NIC cuts for workers) they may take with the other hand (e.g. frozen income tax thresholds) and it can be hard to keep up.
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The information in this blog provides only an overview of HMRC guidance and legislation in force at the date of publication and no action should be taken without consulting the detailed HMRC guidance and legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this blog can be accepted by the firm.
