Budget news
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Spring Budget 2024
Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’.
Read our ‘Budget Briefing’ for our key take aways.
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Budget updates here
Here you will find blog posts relating to the Spring Budget 2024 as soon as they become available.
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CGT higher rate on dwellings reduced
The higher rate of capital gains tax (CGT) for residential property disposals will be cut from 28% to 24% from 6 April 2024.
Multiple dwellings relief for SDLT scrapped
The Chancellor announced in the Budget that Multiple dwellings relief (MDR) will be abolished for transactions which complete, or which substantially perform, on or after 1 June 2024.
High income child benefit charge threshold increased
The threshold for earnings above which you have to pay back some or all of your child benefit will be increased from 6 April 2024.
Two new products for UK savers
Two new savings products have been announced, aimed at supporting growth of UK companies and encouraging a culture of saving.
Non-dom reforms
The remittance basis tax relief offered to non-UK domiciled individuals (non-doms) will be removed and replaced with a simpler residence-based regime from 6 April 2025.
Furnished holiday lets relief to be scrapped
Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished.
VAT registration threshold raised
Effective from 1 April 2024, the taxable turnover above which a business is required to register and account for VAT will be increased from £85,000 to £90,000.
National insurance rates cut again
The headline news from the Spring Budget was further cuts to national insurance contributions (NIC) of 2% each for self-employed taxpayers and employees.
Spring Budget 2024
Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’.
Spring Budget 2024 Capital Gains Taxes
Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. Capital Tax Changes.
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