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A Summary of The Spring Budget 2024

Posted: 30th Apr 2024 by Hunter Gee Holroyd Budget, Pensions, Taxation

Following the Chancellor’s Spring Budget speech last month, we have put together a summary of the most significant announcements to help you understand what the 2024 Budget means for you. His speech promised more investment, more jobs, better public services, and lower tax.

National Insurance

The Chancellor made further changes to National Insurance Contributions (NICs), following the cuts made in the Autumn Statement 2023 benefiting 29 million workers.

The government has cut the main rate of Class 1 employee NICs from 10% to 8% from April 2024. This is in addition to the 1% cut announced in the 2023 Autumn Statement, which also has come into effect from April 2024.

The main rate of Class 4 self-employed NICs will also reduce from 9% to 6%, from 6th April 2024.

Furnished Holiday Lettings

From April 6th 2025, the government has abolished the Furnished Holiday Lettings tax regime. This will stop the tax advantage owners of holiday lets have over those who let properties long-term to tenants.

Capital Gains Tax

The higher rate of Capital Gains Tax for residential property disposals has been cut from 28% to 24% from 6th April 2024.

The lower rate will remain at 18% for any gains that fall within an individual’s basic rate band.

Non-Domiciled Individuals (Non-Doms)

Starting from April 2025, the existing UK tax rules for non-UK domiciled individuals will be replaced with a new residence-based regime. Under this new regime, individuals will be exempt from paying UK tax on foreign income and gains for their first four years of tax residence in the UK (provided they have been non-tax resident for the previous ten years). Anyone who has been a tax resident in the UK for more than four years will pay UK tax on their foreign income and gains, regardless of their domicile status.

The government will make transitional arrangements for existing non-doms claiming the remittance basis that will provide an option to rebase the value of capital assets to 5th April 2019. There will also be a temporary 50% exemption for the taxation of foreign income for the first year of the new regime (2025/26). A two-year Temporary Repatriation Facility will be available for individuals who have paid tax on the remittance basis prior to 6th April 2025 to bring their previously accrued foreign income and gains into the UK at a 12% rate of tax.

Eligible employees will be able to claim Overseas Workday Relief for their first three years of tax residence for income from employment duties carried out overseas. 

Finally, the government intends move to a residence-based regime for Inheritance Tax (IHT) and will consult on the most effective approach to implement this. Although no changes to IHT will take effect before 6th of April 2025.

High Income Child Benefit Charge (HICBC)

From April 2024 the government has increased the HICBC threshold from £50,000 to £60,000. These changes will benefit around 485,000 families, including 180,000 families currently not claiming Child Benefit or opting out of getting payments- that are now eligible to receive payments for Child Benefit.

Also, the rate at which the HICBC is charged will also be halved so that Child Benefit is not fully withdrawn until individuals have adjusted net income of £80,000 or higher.

The government will also consult on moving to a household-based system rather than one based on individual incomes from April 2026.


The threshold for VAT registration was lifted from £85,000 to £90,000 from 1st April 2024. According to the government, this will mean 28,000 businesses will no longer be VAT registered in 2024/25.

Individual Savings Accounts

The government announced the launch of a new UK ISA, providing opportunities to save whilst supporting investment in the UK.

The new UK ISA is a £5,000 allowance. This is in addition to the to the existing ISA allowance (of £20,000) and is a new tax-free product for people to invest in UK-focused assets. The government will consult on the details.

Multiple Dwellings Relief- Stamp Duty Land Tax

From 1st June 2024, the government is abolishing Multiple Dwellings Relief, a tax relief in the Stamp Duty Land Tax regime for people and businesses buying multiple properties in a single transaction (or multiple linked transactions) in England and Northern Ireland.

This follows an external evaluation which showed no strong evidence the relief is meeting its original objectives of supporting investment in the private rented sector.

Fuel Duty

The Chancellor also extended the ‘temporary’ 5p cut on fuel duty which was due to end and it will be frozen for 2024/25.

Other Announcements

The extension of Full Expensing to leased assets ‘when fiscal conditions allow’.

Tobacco and vaping duties – a new duty introduced on vaping products and an increase in tobacco duty, both from October 2026. Tobacco duty was chosen to increase to maintain the current financial incentive to choose vaping over smoking.

Alcohol duty – will be frozen from 1 August 2024 until 1 February 2025. This extends the six-month freeze announced in the 2023 Autumn Statement.

Air Passenger Duty (APD) – an increase on Air Passenger Duty rates for non-economy passengers.

Energy Profits Levy – The government is extending the Energy Profits Levy by an additional year to March 2029 as gas prices are forecast to remain ‘abnormally high’ until that time.

Household Support Fund – the Household Support Fund allows local authorities in England to make discretionary payments to individuals facing significant financial hardship, helping towards the rising cost of food, energy, and water bills. It has been extended by six months until September 2024, originally scheduled to end in March 2024.

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Need help? Get in touch

If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch with our team. Call us on 01904 655202, or email