On Wednesday 6th March 2024, the Chancellor, Jeremy Hunt, presented his Budget which delivered few surprises. As expected, there was a further reduction in National Insurance Contributions over and above the reduction already announced in the Autumn Statement. Read our Budget Summary to find out more.

Key highlights

• 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
• 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
• Increase in turnover threshold for VAT registration to £90,000 from 1 April 2024

Download our Budget Summary to find out more

If you would like to discuss how the Budget might affect you and your business, please do get in touch with a member of the RA Accountants’ team. We would be very pleased to hear from you.

This article is for guidance only and professional advice should be obtained before acting on any information contained in them. No responsibility can be accepted for loss occasioned howsoever to any person as a result of action taken or refrained from as a result of reading.