| Today Chancellor, Jeremy Hunt unveiled the Spring Budget. Below we summarise some of the key points. Income Tax and National Insurance The Chancellor announced from 6 April 2024 a further 2p cut to National Insurance (this tax will now stand at 8%). Self employed National Insurance to be be reduced from 8% to 6%. VAT Registration Threshold VAT registration threshold to increase from £85,000, to £90,000 from 01 April 2024. Child Benefit High income child benefit charge to be moved to be based on household income from April 2026. Though from April 2024 the charge will start at £60,000, with the full taper only taking effect at £90,000. Non-Dom Tax Status New system to be introduced based on residency, with the current system to be abolished and a residency based system to be introduced; after four years people will be subject to the same tax requirements as residents. Alcohol Duty Duty freeze extended to February 2025. Fuel Duty Duty freeze and 5-p cut extended for another 12-months. Investments Full expensing to apply to leased assets, this will be introduced in specific legislation at a later date. ISAs New British ISA, to allow an additional £5,000 allowance for investment in British equities. Vaping Duty An excise duty will be introduced on vaping products, with a consultation to be announced. Furnished Holiday Lets The furnished holiday lets relief to be scrapped. Multiple Dwellings Relief Multiple dwellings relief to be scraped. Capital Gains Tax Higher rate of property CGT to be reduced from 28% to 24%. Oil and Gas Energy Profits Levy to be extended to 2029. |
Budget summary – 30 October 2024
Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010....
0 Comments