News

Budget March 2024

Jemery Hunt, Chancellor of the Exchequer delivered the government’s budget on 6 March 2024.

Among the announcements were:

  • VAT threshold will rise from £85,000 to £90,000 in April 2024
  • Further cuts to National Insurance - for employees this will reduce from 10% to 8% from 6 April 2024, for self-employed, class 4 NI will reduce from 8% to 6%
  • Higher rate Capital Gains Tax relief on property will be cut from 28% to 24% from April 2024
  • High Income Child Benefit Charge (HICBC) changes
    • To be administered on a household level by April 2026 (with a consultation proposed)
    • Threshold increased from £50,000 to £60,000 and the top of the taper extended to £80,000
  • ‘Non-dom’ tax regime will be replaced from April 2025. New arrivals to the UK pay the same tax as everyone else after four years 
  • Fuel and alcohol duty rises frozen (until Feb and March 2025)
  • New duty on vapes will be introduced from October 2026, alongside an increased duty on tobacco.
  • Extra funding for public services to invest in new technologies like AI and to replace outdated IT systems
  • higher tax reliefs to lower the cost of producing visual effects in high-end TV and film
  • 40% relief on gross business rates until 2034 for eligible film studios
  • A new tax credit for independent British films with a budget of less than £15 million
  • A permanent 45% tax relief for touring productions and 40% relief for non-touring productions for orchestras, museums, galleries and theatres
  • £26 million for maintenance and repairs at the National Theatre   
  • Support for innovative R&D and manufacturing projects across the life sciences, automotive and aerospace sectors
  • Funding to accelerate medical research into common diseases like cancer, dementia and epilepsy
  • Green Industries Growth Accelerator will be allocated an extra £120 million to build supply chains for offshore wind and carbon capture and storage
  • a new UK ISA allowing an additional £5,000 annual investment in UK equities tax-free
  • Multiple Dwellings Relief will be abolished from June 2024
  • Furnished Holiday Lettings tax regime will be abolished from April 2025
  • The Energy Profits Levy sunset clause will be extended from March 2028 to March 2029

Posted on 03/06/2024 by Ortolan

Get in Touch

If you would like to know more about Ortolan Legal and how we can help you reduce your ongoing recruitment costs, get in touch!

Email us now

   Or call 020 3743 0600

I’m delighted to recommend Ortolan Legal. They have provided us with excellent commercial advice at very competitive rates.

Alan Halsall, Chairman Silver Cross
See All
Receive news & updates from Ortolan Legal

Meet the Team

  • Nick Benson Nick Benson I qualified as a commercial and corporate solicitor…
  • Liz Delgado Liz Delgado I qualified as a solicitor in 1995 after studying…
  • Carrie Beaumont Carrie Beaumont I qualified as an Employment specialist in 2008. I…