Spring Budget 2024 – Your 60-second briefing

In recent days and weeks, the media has been speculating on whether the Chancellor can find any fiscal headroom for tax cuts and how these might be funded.

Today, Jeremy Hunt delivered the Spring Budget for 2024. Conscious of the forthcoming general election and the voting public, what sweeteners did he provide to support individuals and businesses?

Spring Budget 2024 announcements

• The Office for Budget Responsibility expects the UK economy to grow by 0.8% this year
• A new UK ISA will allow savers to invest an additional £5,000 per year in UK equities tax-free
• £200m to extend the recovery loan scheme, helping 11,000 SMEs access the finance they need
• VAT registration threshold for businesses to increase from £85,000 to £90,000
• Full expensing tax break to encourage businesses to invest will be extended to leased assets
• Tax relief for furnished holiday lets will be abolished
• Higher rate of capital gains tax on property sales reduced from 28% to 24%
• Maintain 5p cut and freeze fuel duty for another 12 months
• Non-domiciled tax status to be abolished
• National insurance contributions for employees and the self-employed to be cut by a further 2p

Please visit our Budget hub for further opinion on today’s announcements or speak directly to one of our tax experts.