Spring Budget 2024 – a roundup for personal finances

Get clarity on the key points for personal finances from Jeremy Hunt's 2024 Spring Budget.

Published on 06 Mar 20242 minute read

In what could be his last Budget, the Chancellor of the Exchequer asserted his plans to ‘grow the economy’. The key announcements affecting personal finances are:

National Insurance (NI) reduction means 2p will be cut off the Class 1 rate of NI contributions for employees, with the rate falling from 10% to 8%. Rates for the self-employed will also fall by another 2p down to 6%. The change takes effect from April 2024
‘British ISA’ launch with an additional annual allowance of £5,000 the new British ISA is designed to encourage increased investment in UK companies. At this stage, it’s unknown when this will be brought into effect
‘Non-dom’ tax regime to be replaced and broadly applies to UK residents whose permanent home is overseas, will be replaced in April 2025
Multiple Dwellings relief (MDR) removal from June 2024, is a bulk purchase relief from stamp duty land tax regime
High-income child-benefit (HIBC) threshold raised in the immediate term from £50,000 to £60,000 from April 2024. There is a longer-term plan to move to a household-based system by April 2026
Cut to higher rate of capital gains tax (CGT) on residential property from 28% to 24% from April 2024. The basic rate of CGT on residential property will remain at 18%
Furnished holiday lets (FHLs) abolished to rebalance the tax treatment of holiday rentals compared to long-term lets

If you have questions about how these announcements could affect your money, it’s easy to arrange a free coaching session with a qualified financial planner, with no ongoing commitment.