Spring Budget: How does it affect you?

In what is tipped to be the last Budget before the next UK general election, Jeremy Hunt delivered a budget on March 6th 2024 with a wide range of reforms across personal, employment, business and property taxes, focusing on reducing tax for the working population and helping parents.

Our Spring Budget Statement covers everything the UK Taxpayer needs to know, including:

Personal

• A much welcomed reform of the Child Benefit Charge from 6th April 2024
• The abolishment of the current regime for non domiciled individuals from 6 April 2025, with the introduction of a new residence-based regime.
• Despite much press speculation over the abolishment of IHT, a few changes have been announced today, including Non-Domiciliaries, Administration Change to Payment and Agricultural Property Relief (APR).

Employment

• In good news for employees, the government will reduce the main rate of primary Class 1 National Insurance Contributions from 10% to 8% from 6th April 2024.

Business

• Legislation will be introduced from 1st April 2025 as part of the Spring Finance Bill 2024 to set the charge for Corporation Tax as it does every year, and to maintain the main rate at 25%.

Property

• Effectively a bulk purchase relief from SDLT, Multiple Dwellings Relief will be abolished from 1 June 2024.
• The Furnished Holiday Lettings (FHL) tax regime will be abolished from 6 April 2025, meaning short-term and long-term lets will be treated the same for tax purposes.
• In good news for those planning to sell their residential property, there will be a higher rate capital gains tax cut for residential property from 6 April 2024.

To read our full Spring Statement update, please click here.

If you have any questions on any of the subjects raised in this update, please contact our team to find out more.