Spring Budget key points - 6th March 2024

Matters that impact personal financial planning

•  From 6th April employee National insurance payments cut from 10% to 8%

• Capital Gains tax on property reduced from 28% to 24%

• Introduction of ‘British’ ISA offering an additional £5,000 tax free allowance for the public to invest exclusively in the UK

• Abolishment of the furnished holiday lettings (FHL) scheme, taking away the tax advantages of FHL’s

• Current Non-dom tax system to be abolished and replaced by a residency-based system from April 2025 in a measure to raise £2.7bn

• Stamp duty relief for people who purchase more than one dwelling in a single transaction known as Multiple Dwellings Relief is abolished

• From April the level of income at which a parent starts to lose child benefit will rise from £50,000 to £60,000

• New British Savings Bond, delivered through NSNI, will offer a guaranteed rate, fixed for three years.

Other announcements

• The threshold for compulsory VAT reporting will increase form £85,000 to £90,000

• Alcohol duty freeze extended to Feb 2025

• Fuel duty frozen at its current rate for another 12 months

• A 5p cut to fuel duty, which was introduced in 2022 and is due to run out this month, has been extended.

• £1m towards Muslim war memorial for those who died in two world wars “in service of freedom and democracy”

• £270 million to advanced manufacturing industries, to fund car and space innovation, to grow "zero emission vehicle and clean aviation technology"

• £3.4bn upgrade of the NHS computer systems to unlock £35bn of potential savings and a further £2.5bn invested to meet ‘pressures in the coming year’

• The addition of duty on Vaping products, and increases on tobacco and air passenger duty