BUDGET 6th MARCH 2024
More details can be found on https://www.gov.uk/government/publications/spring-budget-2024/spring-budget-2024-html
Fuel - duty will be frozen again this year and the 5p reduction will stay till March2025.
Child benefit charge to rise from £50,000 to £60,000 tapering off at £80,00.
Income Tax Non-Domiciled individuals will be abolished from the 6th April 2025 replaced with ‘modern residency system’
National Insurance Class 1 is to go down from 10% to 8% for employee earning between the primary threshold and the upper earnings limit from 6th April 2024.
National Insurance Class 2 for the self-employed will be removed from the 6th April 2024
National Insurance Class 4 for the Self-employed was 8% will be reduced to 6% from the 6th April 2024.
Capital Gains Tax for residential properties for a basic rate taxpayer is 18% which has stayed the same but for a Highter and additional rate tax payer the rate was 28% reduced to 24% from 6th April 2024.
Corporation Tax relief rate is introduced for new film studio’s will of 40% reduction on gross business rates bills until 2034.
Corporation Tax for Audio-Visual expenditure credit (AVEC) will increase to 39% from April 2025.
Furnished Holiday Lettings rules will be abolished from April 2025.
Stamp Duty Land Tax relief will be abolished for Multiple dwellings relief from 1st June 2024.
Value Added Tax (VAT) threshold has gone up from £85,000 to £90,000