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Business tax and the Spring Budget 2024

The Spring Budget announcements continued the Government’s focus on investment in innovation and growth. Although seemingly light on business tax measures, there were several announcements that will impact businesses in particular sectors.

Key highlights

  • Consultation on legislation for full expensing relief to include plant and machinery used for leasing
  • Several enhancements for creative tax reliefs
  • Consultation on Common Reporting Standard regime including potential extension to include UK taxpayers by UK financial institutions
  • Reduction of employee Class 1 national insurance main rate from 10% to 8%
  • Non-domiciled tax regime abolished and to be replaced with new system based on residency
  • Surprise abolition of Multiple Dwellings Relief (MDR) for stamp duty land tax
  • Carbon border adjustment mechanism (CBAM) to be introduced

Corporate Taxes and Reporting

In this section we analyse the Chancellor’s announcements on corporate taxes and highlight some of the practical implications.

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Payroll and Employee incentives

In this section we analyse what the Budget holds on payroll and employee incentives, and what this means for employers and employees.

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VAT, Environmental and other indirect taxes

The Chancellor's announcements on VAT and other indirect taxes are considered in detail by our tax experts in this section.

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Read our sector specific analysis and other related content:

  • Fintech

    This year’s Spring Budget included a number of optimistic announcements on how the UK Government intends to further support and prioritisation of growing businesses in the UK, which is welcomed across the UK fintech industry.

  • Real estate

    The Budget contained a number of measures that will affect investors, developers and operators in UK real estate, particularly for residential property. While some of the big-ticket items for personal tax had been trailed in the media beforehand, such as the cut to national insurance, the changes affecting property taxes were less expected.

  • Financial services

    The financial services sector has not been the focus of policy changes in recent fiscal events, and this pattern held with the 2024 Budget. It is likely that any significant change for the sector driven by the current Government will continue to come in the form of reforms to reporting, rather than material changes to tax policy.

  • Employee benefits

    In what is likely his final Budget before the next general election, Chancellor Jeremy Hunt has announced some changes that could be significant for pension schemes and plan members. In our key takeaways, we highlight three announced and proposed adjustments relevant to employers running workplace pension schemes and what these could mean in the future.

  • Vaping products duty

    The vaping industry, with its rapid growth and evolving market dynamics, faces a new milestone in the UK - the introduction of a vaping products duty set to commence on 1 October 2026. This article aims to provide a deeper understanding of this proposed new duty, its implications, and what it means for manufacturers, importers, and consumers.

If you'd like more information about the Budget and how the changes could affect you, your family and your business, please attend one of our webinars.

The Budget 2024. Your questions answered

In this essential webinar, you'll learn what the announcements could mean for you and your family as well your business. We’ve assembled a team of financial planning, investment management and tax experts to discuss how you could take advantage of beneficial changes and mitigate the impact of others.

Watch the webinar

Discover what the Spring Budget changes could mean for you and your business…

Editions by Evelyn Partners: The 2024 Spring Budget update

Chancellor Jeremy Hunt's most recent Budget largely focused on personal tax measures, but was the Budget good or bad news for business? Join our business tax specialists who will discuss how companies will be affected and how to navigate these changes.

...And what impact they could have on you and your family

Talking tax: The Budget update

Wednesday 13 March 11:00 - 12:00

Join us to find out how personal tax changes will affect both you and your family’s individual finances. We will also look at the current tax landscape and consider possible changes ahead as we approach a general election.