Spring 2024 Budget – Key Points

• 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