Bestinvest Logo

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.

Book free coaching

Get insights and events via email

Receive the latest updates straight to your inbox.

By clicking the following button you are agreeing to our website conditions.

You may also like…

Financial planning

Tax and pensions following Labour’s win

15 Jul 2024 | minute read

Financial planning

General election 2024 – pension and tax insights

13 Jun 2024 | minute read

Financial planning

Self-Assessment tax return: 10 tips to avoid penalties and …

27 Jan 2024 | minute read

Financial planning

7 financial considerations if you're going through a divorce

16 Jan 2024 | minute read