KEY SUMMARY FOR UK BUDGET 2024

07/03/2024

UK Chancellor Jeremy Hunt's budget announcements toady (06 March 2024), some changes are below:

Cut employee’s' National Insurance by another 2p in the Budget, meaning it falls from 10% to 8% and self-employment NIC 4 reduce from 8% to 6%;
Reduction of higher capital gains tax rate on property from 28% to 24%;
Increase VAT registration threshold for businesses from £85,000 to £90,000;
Abolishment of non-domicile tax status
Increase the child benefit threshold from £50,000 to £60,000, with a higher taper from £60,000 to £80,000;
Freeze on alcohol duty extended until February 2025;
5p cut to fuel duty to continue for 12 months;
Increase of British ISA, allowing extra £5,000 investments in UK;
£1m towards memorial for Muslims who died in two World Wars;
Household Support Fund kept at current level for six months;
Increase investment nearly £6bn for the NHS;
Allocate £105m over next four years to build 50 special free schools;

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