Spring Budget 2024 Summary Report

CHANCELLOR JEREMY HUNT DELIVERED HIS ‘BUDGET FOR LONG TERM GROWTH’ ON WEDNESDAY 6 MARCH 2024. HIS SPEECH PROMISED ‘MORE INVESTMENT, MORE JOBS, BETTER PUBLIC SERVICES AND LOWER TAXES’.

READ OUR SUMMARY REPORT . SPRING BUDGET 2024

In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) forecasts, the Chancellor had his work cut out.

Headlines included further cuts in National Insurance Contributions for workers and the self-employed, a slight increase in the VAT registration threshold and an increase in thresholds to reduce the number of people affected by the high-income child benefit charge. There has also been a cut in capital gains tax for higher earners disposing of residential property. However, income tax rates and thresholds remained static and inheritance tax continues to apply to the largest estates.

Our report covers the details and what the budget means for you.

READ OUR SUMMARY REPORT . SPRING BUDGET 2024

WE CAN HELP

We work closely with our clients to ensure they are maximising available reliefs, mitigating tax liabilities and making meaningful recommendations. We can guide you to further success and ensure your business is as profitable as it can be!

We’ve covered comprehensive information about the Spring Budget in this report; as always, if you have specific queries about how the budget relates to you or your business, please do get in-touch. We are here to work alongside you and help you prosper so please do contact us at any time.

READ OUR SUMMARY REPORT . SPRING BUDGET 2024