Budget March 2024

CGT higher rate on dwellings reduced

The higher rate of capital gains tax (CGT) for residential property disposals will be cut from 28% to 24% from 6 April 2024.

Multiple dwellings relief for SDLT scrapped

Multiple dwellings relief (MDR) can significantly reduce the stamp duty land tax (SDLT) payable on the purchase of two or more properties in one transaction.

High income child benefit charge threshold increased

The threshold for earnings above which you have to pay back some or all of your child benefit will be increased from 6 April 2024 with a full overhaul of the regime promised in April 2026.

Two new products for UK savers

Two new savings products have been announced, aimed at supporting growth of UK companies and encouraging a culture of saving.

Non-dom reforms

The remittance basis tax relief offered to non-UK domiciled individuals (non-doms) will be removed and replaced with a simpler residence-based regime from 6 April 2025.

Furnished holiday lets relief to be scrapped

Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished.

VAT registration threshold raised

The earnings threshold above which businesses must register for and start charging VAT has been increased.

National insurance rates cut again

The headline news from the Spring Budget was further cuts to national insurance contributions (NIC) of 2% each for self-employed taxpayers and employees.

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