Budget March 2024
Jemery Hunt, Chancellor of the Exchequer delivered the government’s budget on 6 March 2024.
Among the announcements were:
- VAT threshold will rise from £85,000 to £90,000 in April 2024
- Further cuts to National Insurance - for employees this will reduce from 10% to 8% from 6 April 2024, for self-employed, class 4 NI will reduce from 8% to 6%
- Higher rate Capital Gains Tax relief on property will be cut from 28% to 24% from April 2024
- High Income Child Benefit Charge (HICBC) changes
- To be administered on a household level by April 2026 (with a consultation proposed)
- Threshold increased from £50,000 to £60,000 and the top of the taper extended to £80,000
- ‘Non-dom’ tax regime will be replaced from April 2025. New arrivals to the UK pay the same tax as everyone else after four years
- Fuel and alcohol duty rises frozen (until Feb and March 2025)
- New duty on vapes will be introduced from October 2026, alongside an increased duty on tobacco.
- Extra funding for public services to invest in new technologies like AI and to replace outdated IT systems
- higher tax reliefs to lower the cost of producing visual effects in high-end TV and film
- 40% relief on gross business rates until 2034 for eligible film studios
- A new tax credit for independent British films with a budget of less than £15 million
- A permanent 45% tax relief for touring productions and 40% relief for non-touring productions for orchestras, museums, galleries and theatres
- £26 million for maintenance and repairs at the National Theatre
- Support for innovative R&D and manufacturing projects across the life sciences, automotive and aerospace sectors
- Funding to accelerate medical research into common diseases like cancer, dementia and epilepsy
- Green Industries Growth Accelerator will be allocated an extra £120 million to build supply chains for offshore wind and carbon capture and storage
- a new UK ISA allowing an additional £5,000 annual investment in UK equities tax-free
- Multiple Dwellings Relief will be abolished from June 2024
- Furnished Holiday Lettings tax regime will be abolished from April 2025
- The Energy Profits Levy sunset clause will be extended from March 2028 to March 2029
Posted on 03/06/2024 by Ortolan