Spring Budget Highlights: April 2024


The summary of the key announcements from the Budget are summarised below.

Tax Cuts:

  • National Insurance sees a reduction of 2p.

  • Fuel duty and alcohol duty remain unchanged.

  • Child benefit threshold raised to £60,000.

  • Introduction of tax relief for savers through the ‘British ISA’.

  • Businesses receive additional relief measures.

National Insurance Reduction:

  • Employees’ National Insurance cut by 2p, extending to self-employed individuals.

Fuel Duty

Freeze:

  • Freeze on fuel duty continued, maintaining the 5p reduction for another year.

Extended Alcohol Duty Freeze:

  • Alcohol duty freeze extended until February 2025, in a boost to drinkers.

Enhanced Child Benefits:

  • Threshold for child benefit entitlement increased to £60,000.

  • Partial child benefit available for earners up to £80,000.

Introduction of ‘British ISA’:

  • Introduction of a £5,000 tax allowance for individual savers investing in UK-listed companies.

Support for Businesses:

  • VAT returns in UK’s registration threshold raised from £85,000 to £90,000.

  • Tax reliefs for touring and orchestral productions made permanent.

  • Extension of government loan scheme for small businesses until March 2026.

Tax rises:

  • Replacement of the non-dom tax regime with new rules.

  • Duties imposed on vapes and tobacco from October 2026.

  • Increased tax on business class airfares.

  • Removal of tax perks for holiday lets.

Non-dom Tax Reforms:

  • Non-dom tax regime replaced, effective April 2025.

Duties on Vapes and Tobacco:

  • New tax on vaping products effective from October 2026.

  • Existing tobacco tax increased to promote vaping over smoking.

Increased Tax on Business Class Airfares:

  • Rise in air passenger duty for business class tickets.

Removal of Tax Perks for Holiday Lets:

  • Scrapping of tax breaks for holiday let owners.

This budget overview provides insights into the key fiscal policies and changes affecting individuals and businesses alike.

Source URL: Spring Budget Highlights: April 2024

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