After months of speculation, the Chancellor has announced his Spring Budget.
This Budget is potentially the final opportunity for the government to lay out tax and spending plans before the next general election, and therefore it was widely speculated that the Chancellor would leverage the timing by announcing voter-pleasing tax cuts and reforms.
Has the Chancellor succeeded in balancing tax and spending cuts, whilst still delivering the “feel good” factor for voters?
Key tax cuts and reforms announced:
National Insurance Contributions: from April 6th Employee NIC will be cut by 2p from 10% to 8%, and for self-employed will be cut from 8% to 6%.
Non-domicile tax status will be “abolished” and replaced by a “modern, simpler and fairer” system from April 2025. After four years, those coming to the UK will pay the same tax as other UK residents.
A new ‘British ISA’ which will provide another £5,000 of annual tax-free investment in UK equities.
COVID Recovery Loan Scheme changes to Growth Guarantee Scheme and support extended to continue to allow SME’s to access funding.
Spring Budget 2024 key points and insights
Will the Spring Budget 2024 boost UK economic growth?
Spring Budget 2024: Key Tax Changes
Read our Spring Budget Insights
Ten missed opportunities from the Spring Budget 2024
Abolition of the UK Non-Domicile tax regime was a long time coming
National Insurance cuts - employers continue to bear this ‘people cost’
Capital Gains Tax Rate Reduction on Residential Property Sales
Hopes new ‘British ISA’ will boost economic activity
Tech has a pivotal role in driving UK innovation & growth
No rabbits, no hat for the construction industry
Spring Budget 2024: a Manufacturing perspective
The Spring Budget 2024... a Scottish perspective
Fuel duty freeze is welcome but cost of fuel could rise again
Societal Impact of the Spring Budget 2024 through an ESG lens
Spring Budget 2024: A cold wind for climate change?
Clarity on the tax treatment of land held in environmental schemes
Spring Budget 2024: an Agricultural perspective
Spring Budget 2024 - Initial Reaction
Download our Spring Budget 2024 Tax Data Card & Summary
Tax Data Card 2024-25
Spring Budget 2024 Summary
Contact Us
For further guidance on any of the tax measures discussed in the Spring Budget 2024, please contact your usual MHA advisor or Contact Us.
Tax measures from the Spring Budget will have wide-ranging impacts on businesses and individuals across the UK. Our tax experts and industry specialists will be happy to help you adapt and reassess your financial plans in the light of any tax cuts and legislative changes arising from these fiscal announcements.
