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3 Apr
Latest News from ACCA
A guide to the Spring Budget 2024 - KEY TAX RATES
- Income tax rates for non-dividend income remain similar to the previous year for England, Wales, and Northern Ireland, with adjustments in thresholds.
- National insurance rates will see reductions, including the main rate of primary Class 1 and Class 4 contributions.
- Capital gains tax annual exemption for individuals will be reduced from £6,000 to £3,000 from April 2024, with a reduced CGT rate for higher rate taxpayers on gains from disposals of residential properties to 24%.
- Non-dom status will be replaced by a new residence-based system starting from April 2025.
- High Income Child Benefit Charge threshold will be increased to £60,000, with adjustments to the taper for incomes between £60,000 and £80,000.
- A new British ISA investment allowance of £5,000 will be introduced in addition to the existing annual ISA allowance of £20,000.
Other Changes:
- Stamp Duty Land Tax (SDLT) relief for multiple dwellings will be abolished from June 1, 2024.
- Additional resources will be allocated to HMRC to tackle tax non-compliance, including measures to strengthen taxpayer protections and regulate tax advisers.
These changes reflect adjustments in tax rates, thresholds, relief schemes, and enforcement measures affecting individuals, businesses, and HMRC's operations.
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