Businesses:
- VAT Threshold – Increased from £85,000 to £90,000 from 1 April.
Individuals
- Capital Gains Tax – Rate of CGT on sale of residential property is reduced from 28% to 24% from 6 April 2024
- Stamp Duty Land Tax – Relief for individuals purchasing multiple dwellings at the same time is to be abolished.
- Furnished Holiday Lettings – Favourable tax treatment abolished.
- Non-Domiciled Individuals – Non-Dom’ regime abolished from April 2025. Instead, there will be a new residence-based regime.
- Child Benefit – Threshold increased from £50,000 to £60,000 and the benefit is withdrawn on earnings over £80,000. By April 2026 it is household income which will be used for the calculation rather than a parent’s highest salary.
- ISA’s – new British ISA will be introduced which allows an additional £5,000 to be invested in UK equities.
Individuals/Self Employed
- Employee National Insurance – Class 1 contributions reduced from 10% to 8%
- Self Employed National Insurance – Class 4 contributions reduced from 8% to 6%
General
- Fuel Duty – frozen at the current rate for the next 12 months.
- Alcohol Duty – freeze extended to February 2025.
- Household Support Fund – extended for a further 6 months.
- House Loans for Emergencies – repayment period extended to 24 months. The £90 charge for debt relief orders has been removed.
CONTACT:
If you would like to discuss anything from the budget in further detail then please do not hesitate to contact Gary Eves, Director ([email protected]) or Ed Mo, Director ([email protected]).