Guide

Spring Budget 2024 report

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WHAT THE LATEST FISCAL MEASURES MAY MEAN FOR YOU.

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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.

Important Note

The information contained within this document is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

This article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale.

This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy or investment product.

Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.

If you are unsure about the suitability of otherwise of any product or service, we recommend that you seek professional advice.

Tax treatment depends upon individual circumstances and is based on current UK tax legislation, that is subject to change at any time.

Past performance is no guarantee of future performance.

The value of an investment and the income from it can fall as well as rise and investors may get back less than they invested. Your capital is therefore always at risk. It should be noted that stock market investing is intended for the longer term.

Download the Spring Budget 2024 report to see how the measures may impact your financial journey.

Meet the expert
Tony Maleham
Tony-Maleham
Director, Tax

Tony joined the company in October 2019 to head up Progeny Tax together with Adele Swaine. He has previously worked at ‘big four’ accountancy firms, before spending nearly 18 years at a top 10 firm, most recently leading the Leeds office tax practice there.

Tony specialises in advising private clients and has more than 30 years’ experience of helping clients to minimise their tax liabilities and protect their wealth. Many of his clients are entrepreneurs who welcome his bespoke and commercial approach.

Although Tony has provided advice on numerous complex structures and transactions, his day-to-day work includes Inheritance Tax, Capital Gains Tax and Income Tax planning including the use of trusts, family investment companies and other corporate structures. Tony has always worked closely with other advisers to ensure his clients’ objectives are met.

He lives in Birstall with his wife Alison, their three teenage daughters and cavapoo, Humphrey.

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