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Budget March 2024

The principal tax changes announced by the Chancellor in the March 2024 budget were:

a) A further reduction in Employees NIC rates for the employed from 10% to 8% from 6 April 2024. No changes were made to the employers NIC rate which remains at 13.8%.

b) A reduction in the self employed NIC rate to 6% from 6 April 2024.

c) Most self employed (those with profits in excess of £6,725) will no longer need to make any class 2 NIC payments. A credit will be made to NIC records to ensure that eligibility to state benefits are maintained.

d) The rules relating to the high income child benefit charge will change from 6 April 2024. Child Benefit will be lost where income is between £60,000 and £80,000. This was previously £50,000 to £60,000.

e) The Furnished Holiday Letting tax regime will be abolished from 6 April 2025.

f) The higher rate tax rate on Capital Gains Tax for residential properties is being reduced from 28% to 24% from 6 April 2024.

g) VAT registration threshold has been increased from £85,000 to £90,000.