MHA | Spring Budget 2024 what to expect / predictions and analysis
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Spring Budget 2024

Stay updated with insights and resources from our tax specialists.

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%.
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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

Download our Spring Budget 2024 Tax Data Card & Summary

Tax data card

Tax Data Card 2024-25

Budget summary

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.

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