WHAT THE LATEST FISCAL MEASURES MAY MEAN FOR YOU.
As ever the Spring Budget 2024 publications contained a wide range of detailed proposals and much to digest.
The Chancellor delivered both tax cuts and, to a lesser extent, tax rises. The headline 2024/25 tax cut was another two percentage point reduction, after a 2% NI cut in January 2024, in the main rates of NICs for employees and the self-employed with an initial cost of £10 billion. At only about 5% of that outlay, the easing of the thresholds for the HICBC was a welcome and surprise reform.
Our Spring Budget 2024 report covers the tax rises included the abolition of non-domicile taxation from April 2025 and, from the same date, the end of the furnished holiday lets regime. Together, these are projected to yield a little under £3 billion by 2028/29.
Our Spring Budget 2024 report highlights the key aspects likely to affect you. If you have any questions about what you should do next, please get in touch.
DOWNLOAD THE SPRING BUDGET 2024 REPORT TO SEE HOW THE MEASURES MAY IMPACT YOUR FINANCIAL JOURNEY.
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