Budget News: Changes from April 2024

The Chancellor of the Exchequer presented his Spring Budget to Parliament on Wednesday 6 March 2024. Here’s a breakdown of changes from April 2024 which may be of interest…

High Income Child Benefit Charge (HICB)

The HICB threshold will increase to £60k.

The full clawback of child benefit will only occur with an income of over £80k.

VAT registration threshold

The VAT registration threshold will increase from £85k to £90k.

Capital Gains Tax for second homes

The higher rate of CGT on the sale of second homes will drop from 28% to 24%.

The basic rate of CGT on the sale of residential property remains unchanged at 18%.

National Insurance

The National Insurance rate for both employees and the self employed will drop by 2%.

British ISA

A new ISA for UK equities will be introduced, with a £5k annual tax free allowance.

This is in addition to the current £20k annual tax free ISA allowance.

British Savings Bond

A new bond through NS&I was unveiled, which will offer a fixed rate of interest for 3 years.

Please get in touch if you require further details on any of the above.

Click here to read the 2024 Spring Budget in full.