Here’s a succinct overview of the Spring Budget changes announced on 6 March 2024:
Businesses:
- VAT registration threshold raised to £90k, deregistration to £88k starting April 2024.
- 2% National Insurance reduction for employees/self-employed from April 2024.
- Enhanced tax reliefs for Arts sectors: Theatres, Museums, film, video.
- National wage limit to increase.
Property:
- Capital gains tax on property drops to 24% from April 2024.
- Holiday let tax reliefs, including mortgage interest and pension contributions, end April 2025.
- Multiple dwellings stamp duty relief ends after 6.4.2024.
Individuals:
- New £5,000 ISA limit over existing allowances.
- Higher Income Child Benefit Charge threshold rises to £60k before it becomes relevant, and the threshold at where the benefit is totally repaid is to be £80k from April 2024.
- Fairer child benefit charge system based on household income starting April 2026.
- Non-Domicile status ends April 2025, replaced by a new system.
- No tax on foreign income/gains for new UK arrivals for first 4 years.
If you would like more details on the proposed changes, please contact us and we can advise you further once the full details have been released.
