Spring Budget case 2024By Caroline Anstee, Managing Director of Anstee & Co.

Key points from the Spring Budget.

The key tax points to take away from this years Spring Budget

  • Cut in National Insurance for employees from 10% to 8%.
  • Cut in National Insurance for the self-employed from 8% to 6%.
  • Capital Gains tax cut to 24% (was 28%) on the sale of residential property.
  • A new ISA allowance of £5,000 (in addition to the £20,000) in a ‘UK ISA’ investing in UK companies ( more to come on this).
  •  The VAT threshold for businesses increased to £90,0000 (from £85,000).
  • The rate at which High income child benefit charge (HICBC) is withdrawn will be halved to £80,000 and will apply on a household rather than an individual by April 26.

How are they going to pay for these changes?

By raising the taxes on the following:

  • Non-Doms tax regime moving to a residence-based regime from April 25
  • New duty on vaping and tobacco
  • The furnished lettings tax regime to be abolished from April 25

Don’t forget, from April 24 you can invest your ISA allowance in more than one provider as announced in the autumn budget 23.

Please click here for our tax rate card with all the allowances for the tax year 24/25

How Anstee & Co. can help you.

call back logo for help with the Spring BudgetWe are a firm of Independent Financial Advisers (IFA’s). This means that the financial advice we provide to you is unbiased. Why not arrange a meeting to see how we can help you. The initial meeting is at our cost and is without obligation. Meetings can be arranged at a time and location that is convenient for you.

Our Head Office is located at-

  • Kettering, Northamptonshire

Additionally, our financial advisers live and make use of meeting rooms in-

  • Bedford, Bedfordshire
  • Market Harborough, Leicestershire
  • Northampton, Wellingborough and Thrapston in Northamptonshire.

Our expertise covers all aspects of financial planning including pensions, investments, and mortgages.

If you have any thoughts or comments on this article, “Spring Budget 6th March 2024” then it would be great to hear your views.

Financial Conduct AuthorityFinally, the information contained in this article is for information purposes only and does not constitute financial advice. No action should be taken based on this information alone. Anstee & Co is authorised and regulated by the Financial Conduct Authority (FCA).