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  • Stephen Kelly

SPRING BUDGET 2024 - Key Points

  • Chancellor Jeremy Hunt has cut workers' National Insurance from 10% to 8%

  • The higher rate of capital gains tax on residential property will be reduced from 28% to 24%.

  • Child Benefit Income threshold increased from £50,000 to £60,000 with the top of the taper at which it is withdrawn increased to £80,000.

  • Furnished holiday lettings relief set to be abolished

  • Increase in the VAT threshold for small businesses, from £85,000 to £90,000

  • Self employed national insurance cut from 8% to 6%

  • Non-Dom status is abolished with new arrivals to the UK being taxed on a worldwide basis after 4 years.

  • £1bn in additional tax relief for creative industries over the next five years

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