Budget 2024 Hero Image 1920X1080 Mar 24

Personal tax and the Spring Budget 2024

In what will possibly be the Chancellor’s final fiscal event before the general election, the announcement with the widest impact was the expected NIC cut. We also saw some major announcements relating to non-doms and furnished holiday lets.

Key highlights

  • 2p NIC cuts to the main rates for employees and the self-employed from 6 April 2024
  • Cutting the higher rate of CGT on residential property from 28% to 24% from 6 April 2024
  • Raising the threshold for the high-income child benefit charge to £60,000, with a longer term plan to move to a household-based system by April 2026
  • Abolition of the current non-dom regime from 6 April 2025, with a new regime being introduced in its place
  • Abolition of the reliefs for furnished holiday lettings from 6 April 2025

Personal Taxes

Read our full, in depth analysis of the announcements and how these changes to personal taxation could affect you and your family.

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Read our sector specific analysis and other related content:

  • Landed estates

    March 2023 saw the Government release a consultation and call for evidence on the taxation of land management and ecosystem service markets. Evelyn Partners was one of 98 respondents to the consultation which closed in June 2023 and the Spring Budget 2024 has seen the Government’s responses published.

  • Entrepreneurs and business owners

    While the headline NIC reduction is a helpful measure for many employees / self-employed, we consider below the six wishes we identified to support entrepreneurs and whether or not these were addressed by the Chancellor.

  • Non-doms

    The Chancellor has somewhat unexpectedly announced that the current remittance basis regime for non-UK domiciled individuals will be replaced with a residence-based regime from 6 April 2025.

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.