{"id":9362,"date":"2024-03-07T10:53:06","date_gmt":"2024-03-07T10:53:06","guid":{"rendered":"https:\/\/aelmarkhams.co.uk\/?p=9362"},"modified":"2024-03-07T10:53:06","modified_gmt":"2024-03-07T10:53:06","slug":"budget-2024","status":"publish","type":"post","link":"https:\/\/aelmarkhams.co.uk\/budget-2024\/","title":{"rendered":"March 2024 BUDGET &#8211; What you need to know!"},"content":{"rendered":"<p><strong>Overview<\/strong><\/p>\n<ul>\n<li>These key points include measures that were announced previously but are about to come into force.<\/li>\n<li>Measures which have been announced but will not take effect during 2024 are listed separately below.<\/li>\n<\/ul>\n<p><strong>Personal tax<\/strong><\/p>\n<ul>\n<li>The main personal tax-free allowance (\u00a312,570) and the 40% tax rate threshold (\u00a350,270) remain frozen at their present levels until the end of 2027\/28, representing a tax rise where income increases<\/li>\n<li>The 45% threshold remains \u00a3125,140 for 2024\/25<\/li>\n<li>Tax-free dividend allowance falls from \u00a31,000 to \u00a3500, and CGT annual exempt amount falls from \u00a36,000 to \u00a33,000, for 2024\/25<\/li>\n<li>ISA investment limit remains \u00a320,000 \u2013 a new \u2018British ISA\u2019 to encourage investment in British companies, with a \u00a35,000 annual limit, will be introduced after consultation<\/li>\n<li>Further reductions in National Insurance Contributions in addition to those announced in the Autumn Statement: from 6 April 2024, Employees\u2019 Class 1 NIC reduced from 10% (was 12% up to 5 January 2024) to 8%, and Class 4 NIC rate for the self-employed cut from 9% to 6% (a cut to 8% was announced in the Autumn Statement)<\/li>\n<li>The income threshold above which Child Benefit is clawed back by the High Income Child Benefit Charge (HICBC) will rise from \u00a350,000 to \u00a360,000 in 2024\/25, and the clawback will be spread over \u00a320,000 of income (instead of \u00a310,000 up to now)<\/li>\n<li>The higher rate of CGT payable on disposals of residential property will fall from 28% to 24% for disposals from 6 April 2024<\/li>\n<li>Stamp Duty Land Tax Multiple Dwellings Relief to be abolished from 1 June 2024<\/li>\n<li>IHT thresholds and rates unchanged to the end of 2027\/28<\/li>\n<\/ul>\n<p><strong>Business tax<\/strong><\/p>\n<ul>\n<li>No significant changes to corporation tax or capital allowances<\/li>\n<li>Extensions to the tax reliefs available to creative industries<\/li>\n<li>Increase in the VAT registration turnover threshold from \u00a385,000 to \u00a390,000 from 1 April 2024<\/li>\n<li>Recovery Loan Scheme renamed as Growth Guarantee Scheme and extended to support small and medium enterprises (SMEs)<\/li>\n<\/ul>\n<p><strong>Tax measures to be introduced later<\/strong><\/p>\n<ul>\n<li>The beneficial treatment of short-term Furnished Holiday Lettings as a trade for tax purposes will be abolished from 6 April 2025<\/li>\n<li>The advantageous treatment of non-UK domiciled individuals (\u2018non-doms\u2019) will be abolished from 6 April 2025, and will be replaced by a residence-based system with transitional rules for those affected<\/li>\n<li>The HICBC will be assessed on the combined income of a household from 6 April 2026, to remove the present unfair treatment of a single-earner household<\/li>\n<li>\u2018Full expensing\u2019 tax relief for company purchases of capital assets will be extended to leased assets when fiscal conditions allow, following a consultation<\/li>\n<\/ul>\n<p><strong>Other measures<\/strong><\/p>\n<ul>\n<li>Fuel duty frozen, and temporary 5p reduction retained, for another year<\/li>\n<li>HMRC given more money to collect outstanding tax debts, budgeted to raise approximately \u00a31 billion every year from 2025\/26 to 2028\/29<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Overview These key points include measures that were announced previously but are about to come into force. Measures which have been announced but will not take effect during 2024 are listed separately below. Personal tax The main personal tax-free allowance (\u00a312,570) and the 40% tax rate threshold (\u00a350,270) remain frozen at their present levels until the end of 2027\/28, representing &#8230; <\/p>\n<div><a href=\"https:\/\/aelmarkhams.co.uk\/budget-2024\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":7,"featured_media":9363,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[5],"tags":[9],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>March 2024 BUDGET &#8211; What you need to know!<\/title>\n<meta name=\"description\" content=\"Budget 2024, main points for everyone to know. 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This represents a tax increase where income rises from year\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2024\/03\/pexels-nataliya-vaitkevich-6919716-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":1434,"url":"https:\/\/aelmarkhams.co.uk\/budget2020\/","url_meta":{"origin":9362,"position":1},"title":"2020 Budget &#8211; What&#8217;s in store?","date":"March 17, 2020","format":false,"excerpt":"Chancellor Rishi Sunak presented his 2020 Budget on Wednesday 11th March. We have summarised the top headlines business owners and employees need to be aware of: Business Owners Corporation tax: The main rate of corporation tax will remain at 19% for 2020\/21 Employment Allowance: Employer National Insurance Contributions is increasing\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2020\/03\/NEW-copy.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":1903,"url":"https:\/\/aelmarkhams.co.uk\/october-2021-budget-what-you-need-to-know\/","url_meta":{"origin":9362,"position":2},"title":"October 2021 Budget &#8211; What You Need To Know!","date":"October 28, 2021","format":false,"excerpt":"Chancellor Rishi Sunak presented his 2021 Budget on Wednesday 27th October 2021. The key announcements are summarised below; Businesses The main rate of corporation tax will remain at 19% until April 2023. From this date the main rate will increase to 25%, with a Small Profits Rate of 19% for\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2021\/10\/PRI_207051488-640x360-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":2009,"url":"https:\/\/aelmarkhams.co.uk\/growth-plan\/","url_meta":{"origin":9362,"position":3},"title":"Mini Budget 2022 Statement \u2013 What You Need To Know","date":"October 5, 2022","format":false,"excerpt":"Chancellor Kwasi Kwarteng presented his 2022 growth plan on Friday 23rd September 2022. The Chancellor's statement was not a Budget, but a 'Growth Plan'. The key announcements are summarised below; Stamp Duty Land Tax No stamp duty to be paid on the first \u00a3250,000 \u2013 up from \u00a3125,000. First-time buyers\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2022\/09\/efwfewfew.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":1835,"url":"https:\/\/aelmarkhams.co.uk\/super-deduction-on-capital-purchases\/","url_meta":{"origin":9362,"position":4},"title":"Super-Deduction on Capital Purchases","date":"July 12, 2021","format":false,"excerpt":"For expenditure incurred from 1 April 2021 until the end of March 2023, companies can claim 130% capital allowances on qualifying plant and machinery investments. Under the super-deduction, for every pound a company invests, their taxes are cut by up to 25p. The new Capital Allowances offer As a result\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2021\/04\/pexels-anamul-rezwan-1145434-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":2147,"url":"https:\/\/aelmarkhams.co.uk\/autumn2022statement\/","url_meta":{"origin":9362,"position":5},"title":"Autumn 2022 Statement \u2013 What You Need To Know","date":"November 18, 2022","format":false,"excerpt":"Chancellor Jeremy Hunt presented his 2022 autumn statement on Thursday 17th November 2022.\u00a0 The key announcements are summarised below; Personal\/Employee State pension payments and means-tested and disability benefits to increase by 10.1%, in line with inflation. 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