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from April 2024, while the rate at which the charge is levied will be halved, so that child benefit will not be fully withdrawn until an individual’s income reaches £80,000.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.
The last 12 months or so have seen the announcement of a number of changes to the R&D Tax Relief regime, alongside a notable increase in compliance activity by HMRC.