07 Mar Spring Budget 2024
Yesterday, the Chancellor of the Exchequer, Jeremy Hunt, announced the Spring Budget 2024.
Key points from his statement include:
- From 6th April, employee national insurance contributions are to be cut by 2% from 10% to 8%, and self-employed national insurance rates are to be reduced from 8% to 6%.
- The higher rate of property Capital Gains Tax is to be reduced from 28% to 24%.
- Stamp duty relief for people who purchase more than one dwelling in a single transaction, known as Multiple Dwellings Relief, will be scrapped.
- Full Expensing Capital Allowances (first announced in the Spring budget 2023) for businesses will apply to leased assets in the future, when affordable.
- The VAT threshold increased for small businesses and self-employed people from £85,000 to £90,000.
- From April 2025, the Furnished Holiday Lettings regime, a tax break which makes it more profitable for second homeowners to let out their properties for holidaymakers rather than to long-term tenants, has been abolished.
- From April 2024, the high-income benefit charge threshold will be increased to £60,000.