Insider News

Follow us on social media.
For all our latest news.

Spring Budget 2024: Key Announcements

Personal Tax

Tax Cuts for Workers

The Chancellor aims to ease the tax burden on British workers by implementing a 2% reduction in national insurance for both employees and self-employed individuals from April 2024.

Replacement of Non-Dom Tax System

The non-dom tax system will be replaced with a new system from April 2025.

High-Income Child Benefit Charge Threshold Increase

  • The child benefit threshold has been raised to £60K from April, with being fully repayable once income exceeds £80K.
  • A consultation will be undertaken with a view to the child benefit charge being assessed on a household basis from April 2026.

Introduction of a new UK ISA

  • The budget proposes the introduction of Great British ISAs, a new type of tax-free savings account.
  • These ISAs would provide an additional £5,000 tax-free allowance for savings invested in shares in British firms.


Capital Gains Tax (CGT) Reduction on Residential Property Sales

The higher rate of CGT on property sales has been reduced from 28% to 24%.

Abolition of Furnished Holiday Let Tax Regime

The furnished holiday let tax regime will be abolished from April 2025.

Abolition of Multiple Dwellings Relief

Multiple dwellings relief will be abolished starting from June 2024.

Business Tax

Capital Allowances Full Expensing for Leased Assets

  • The Spring Budget also announced an extension of capital allowances full expensesing. These allowances will be extended to leased assets “when fiscal conditions allow.”.
  • This move aims to provide businesses with greater flexibility and support investment in assets.

VAT Registration Threshold Increase

The VAT registration threshold will be increased from £85,000 to £90,000 starting from April 2024.

Other Announcements

Fuel Duty Cut and Freeze

The 5p cut and freeze to fuel duty will be maintained until March 2025.

Windfall Tax on Oil and Gas Producers

The windfall tax on the profits of oil and gas producers will be extended until 2029, with the aim of raising £1.5 billion in tax.

Introduction of Duty on Vapes

Starting from October 2026, a duty will be imposed on vapes.

Alcohol Duty Freeze

The alcohol duty will remain frozen until February 2025.

Air Passenger Duty

A single one-off adjustment to the air passenger duty for non-economy flights to account for high inflation. For Economy on domestic and short-haul flights, the duty will remain frozen.

Creative Industries Reliefs

  • Companies involved in audio-visual production will benefit from a 5% increase in tax relief.
  • Film studios will receive a substantial 40% relief on their business rates.
  • The National Theatre receives a substantial boost with £26 million in funding.

Get In Touch

Please get in touch if you want to talk more about how we can help you.
We offer an initial consultation free of charge which gives us the chance to meet and discuss your needs, with no obligation.

Accountants in Solihull

Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, B90 8AH

0121 693 5000

Accountants in Halesowen

West Point, Second Floor, Mucklow Office Park, Mucklow Hill, Halesowen, B62 8DY

01384 250202

Jerroms is a trading style of both Jerroms Business Solutions Limited 08923059 and Jerroms GCN Limited 08433008.
Registered office for each of these companies is: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, B90 8AH