Spring Budget 2024 full summary

Jeremy Hunt's second Spring Budget 2024 has an election in mind, focusing on tax cuts and growing the economy. 

Key measures announced include:

• The main class 1 national insurance contribution (NIC) rate will drop from 10% to 8% from 6 April 2024, the second cut in six months. 
• The main rate of class 4 self-employed NICs will similarly reduce from 8% to 6%.
• The high income child benefit charge (HICBC) will be reformed. The threshold increases to £60,000 from April 2024, while the rate at which the charge is levied will be halved, so that child benefit will not be fully withdrawn until an individual’s income reaches £80,000.
• For residential property disposals, the higher rate of capital gains tax (CGT) will be cut from 28% to 24% from 6 April 2024.
•  A new UK individual savings account (ISA) will create an additional £5,000 allowance on top of the current £20,000 ISA limit.
• The furnished holiday letting tax regime will be abolished from 6 April 2025.
• From 1 April 2024, the VAT registration and de-registration levels will be increased to £90,000 and £88,000 respectively.
• The non-domicile rules will be replaced with a new regime based on residence from April 2025.
• Multiple dwelling relief within the stamp duty land tax (SDLT) regime for England and Northern Ireland will be abolished from 1 June 2024.
• Alcohol and fuel duties are frozen. 

Download your in-depth summary of all the key announcements by clicking here.