- Tax-free allowance and tax thresholds FROZEN for 2024/25.
- Dividend allowance REDUCED to £500 and capital gains tax-free annual amount REDUCED to £3,000 for 2024/25.
- Employee’s and self-employed national insurance REDUCED by 2%, from 6 April 2024.
- High Income Child Benefit Charge (HICBC) thresholds INCREASED from 6th April 2024.
- Capital gains tax higher rate REDUCED from 28% to 24%, from 6 April 2024.
- Stamp Duty Land Tax on multiple dwellings ABOLISHED from 1 June 2024.
VAT registration threshold INCREASED from £85,000 to £90,000, from 1 April 2024. - Beneficial tax treatment on furnished holiday lets ABOLISHED in 2025/26.
- Non-dom individuals tax treatment ABOLISHED in 2025/26.
- Full expensing tax relief for leased assets will be introduced, pending consultation.
- ISA limit INCREASED to include new ‘British ISA’ with £5,000 annual limit, pending consultation.
Take a look at our full summary of the 2024 Spring budget here
