Dive into the latest updates from Chancellor Jeremy Hunt's Spring Budget for 2024! Here's a glimpse of the key changes:
VAT Registration Threshold Increased:
Chancellor Hunt unveils a boost for businesses as the VAT Registration Threshold rises from £85,000 to £90,000, starting April, offering support to tens of thousands of enterprises.
National Insurance Contribution Rate Cut:
A significant move sees the National Insurance contribution rate slashed from 10% to 8% of pay from April. Combined with the Autumn Statement cut, this change is estimated to save individuals around £450 annually on a £35,000 full-time salary.
Consultation on Child Benefit:
Hunt announces a pivotal consultation on child benefit rules, considering a shift to collective household incomes instead of individual assessments from April 2026. The extension of the household support fund aims to further assist families facing the cost of living.
Property Capital Gains Tax Reduction:
The government commits to reducing the higher rate of property Capital Gains Tax from 28% to 24%. Stamp Duty relief for multiple dwelling purchases is also set to be abolished.
Vaping Products Levy:
In a forward-looking move, Chancellor Hunt confirms plans for a "Vaping Levy", applicable to imports by manufacturers, particularly targeting the liquid in vapes. The implementation is planned for October 2026.
Alcohol Duty Freeze:
A relief for the hospitality sector as Alcohol Duty, initially set for a 3% increase in August, gets a freeze until February 2025. This decision stands to benefit 38,000 pubs across the UK. Additionally, fuel duty maintains its current level for another year.
Stay informed and explore the implications of these budget updates on your financial landscape.