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UK Spring Budget 2024



UK SPRING BUDGET 2024
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There is no doubt the upcoming General Election has influenced yesterday’s UK Spring Budget 2024. Individuals were the focus of this Budget as businesses don’t cast votes in elections therefore it is no surprise that less favour was given to businesses. 

 

Significant announcements include: the NIC cuts for employees & the self employed, furnished holiday let rules being abolished, CGT higher rate for the disposal of residential properties reduced, reform of the non dom rules from next year, a consultation on the reform of the IHT regime, VAT registration threshold increase, etc.

 

Also for N. Ireland - the Northern Ireland Executive will receive an additional £100 million in funding through the Barnett formula in 2024-25.


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