[06.03.24]
The Chancellor has today delivered to the House of Commons his Spring Budget. The headlines include:
- The Office for Budget Responsibility (OBR) forecast that inflation will fall below 2% in the next two months
- The VAT registration threshold will increase in April from £85,000 to £90,000
- The main 12% Employee National Insurance rate was reduced to 10% in last year’s Autumn Statement. It will be reduced again to 8% from 6th April
- Class 4 NIC for the self-employed was cut in last year’s Autumn Statement from 9% to 8%. It will be reduced again to 6% from 6th April
- Full expensing for businesses which was made permanent in the Autumn Statement has been extended to leased assets
- The higher rate of Capital Gains Tax of 28% is reduced to 24%
- The Furnished Holiday Letting Tax Relief will be abolished
- The Stamp Duty Land Tax relief for multiple dwellings is also abolished
- Fuel duty was frozen again, with the 5p cut in fuel duty on petrol and diesel, due to end later this month, kept for another year
- The alcohol duty freeze which was due to expire in August 2024, has been extended to February 2025
As always, the devil is in the detail! We will inform you of any further changes as we learn of them.
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