Spring Budget 2024: what that means for you

On 6 March Jeremy hunt announced his financial update in the Spring Budget 2024. 

Our colleagues at Beever and Struthers Chartered Accountants have pulled out the key points from the announcement that may affect you. 

They are as follows: 

  • Personal tax rates and allowances on income continue to be frozen at current levels  
  • Further cuts to National Insurance Contributions in addition to those announced in the Autumn Statement, to take effect in April 2024  
  • Increase in threshold for High Income Child Benefit Charge from £50,000 to £60,000 for 2024/25  
  • Dividend income allowance to remain at £1,000 
  • Savings income allowance to remain at £500 
  • Maximum rate of CGT on residential property cut from 28% to 24% from 6 April 2024  
  • Advantageous tax treatment of furnished holiday lets abolished from 6 April 2025  
  • Advantageous tax treatment of ‘non-doms’ abolished from April 2025 and replaced with a ‘residence-based’ system l Increase in turnover threshold for VAT registration to £90,000 from 1 April 202 
  • The government is ‘modernising and simplifying’ the audio-visual creative tax reliefs, namely: Film Tax Relief (FTR); High-End TV Tax Relief (HETV); Animation Tax Relief (ATR); Children’s TV Tax Relief (CTR) and Video Games Tax Relief (VGTR). 
  • Companies involved in certain cultural activities are eligible for tax relief 
  • For 2023/24, taxpayers with incomes over £150,000 are automatically required to file a self-assessment tax return.  
  • The 5p cut in fuel duty to be retained for the next year 
  • From 1 April 2024, the NLW will apply to those aged 21 or over (currently 23), and will rise from £10.42 per hour to £11.44, with comparable increases to the other rates that apply to younger workers and apprentices. 

We hope you found this summary useful.