06/03/2024
Below is a highlight from the Spring Budget 2024 announced today. As always,
please get in touch for any further information.
* A further 2p cut to National Insurance will be introduced from 6
April 2024 - worth around £450 a year for someone on an average salary.
Reducing NI to 8% for employees and 6% for Sole Traders.
* A new 'British ISA' will be created in the form of an extra £5,000
tax-free allowance for the public to invest exclusively in UK.
* From April 2024, the government will raise the threshold for the
high-income child benefit charge to £60,000, taking 170,000 families out of
paying this tax - nearly half a million families will gain an average of
£1,260 in 2024-25.
* Fuel duty will stay frozen for the next 12 months, with the
temporary 5p cut extended - set to save the average driver £50 next year.
* Alcohol duty will remain frozen until February 2025. Which is good
news for the Hospitality sector.
* Higher-rate property capital gains tax reduced from 28% to 24%.
* VAT Threshold to be raised to £90,000.
* Abolishing of The Holiday Let Regime and changes to BTL expenses.
