Following on from the Chancellor’s Spring Budget 2024 speech yesterday, here is our Budget Summary.
On reflection, the majority of tax rates and allowances were announced in last year’s Autumn Statement and the significant new proposals had all been predicted. In short, there were no surprises.
For business taxes in particular:
- No significant changes to corporation tax or capital allowances
- Extensions to the tax reliefs available to creative industries
- Increase in the VAT registration turnover threshold from £85,000 to £90,000 from 1 April 2024
- Recovery Loan Scheme renamed as Growth Guarantee Scheme and extended to support small and medium enterprises (SMEs)
For personal taxes it is worth noting:
- Tax free dividend allowance falls from £1,000 to £500 and Capital Gains Tax annual exempt amount falls from £6,000 to £3,000 for 2024/5
- A new British ISA with a £5,000 annual limit will be introduced after consultation. This will be in addition to the £20,000 annual ISA investment limit
- High Income Child Benefit Charge Threshold increased to £60,000
- Higher rate of Capital Gains Tax payable on residential property disposals will fall from 28% to 24% from 6 April 2024
- Stamp Duty Land Tax Multiple Dwellings Relief abolished from 1 June 2024
Measures relating to furnished holiday lets, the tax treatment of non-UK domiciled individuals and the extension of full expensing of tax relief on company purchases of capital assets, to leased assets are expected to be introduced next year.
If you would like to talk to us about any of the measures announced in the Budget, please do get in touch.
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