Spring Budget 2024 key headlines
Main rate National Insurance
Contributions for workers cut by a further 2 percentage points from April 2024; down to 8%.
Main rate National Insurance
Contributions for the self-employed will now be cut by 3 percentage points in total from April 2024; from 9% to 6%.
Main income tax
Rates and thresholds remain unchanged from their 2023/24 levels.
High-income child benefit charge threshold increasing
£60,000 from April 2024, with child benefit only fully neutralised where income is over £80,000.
Non-doms favourable income
and capital gains tax regime to be abolished and replaced with a fairer approach in April 2025.
Furnished holiday
let tax regime abolished from April 2025.
Capital gains tax
on residential property to reduce from 28% to 24% for higher rate taxpayers from 6 April 2024.
Stamp duty land tax
multiple dwellings relief abolished from 1 June 2024.
VAT Registration threshold increasing
for the first time in 7 years on 1 April 2024; from £85,000 to £90,000.
VAT Deregistration threshold increasing
from £83,000 to £88,000 from 1 April 2024.
