With the UK entering a technical recession at the end of 2023 and a general election on the cards this year, Chancellor Jeremy Hunt was under pressure to deliver a S0pring Budget that demonstrated fiscal responsibility and generosity. Dubbing the fiscal statement a ‘Budget for long-term growth”, Hunt focused his speech on delivering tax breaks, boosting investment and tackling unfairness in the UK tax system.
One of the Chancellor’s most significant announcements was a 2p cut to National Insurance contributions (NICs) in April, on top of the 2p he already cut in last year’s Autumn Statement. Workers will see their NIC rates fall by four percentage points in less than six months.
Our Spring Budget report will look at how the Chancellor was focused on growth, tax cuts and reforms. In particular we look at:
- ECONOMIC OUTLOOK – The OBR releases its five-year forecast for the UK economy and public finances.
- PERSONAL CHANGES Hunt raises HICBC threshold, further cuts NIC, changes CGT on residential properties, and gives non-dom an overhaul.
- BUSINESS CHANGES Furnished holiday lettings regime abolished but there are investment incentives and VAT threshold increases.
To read our full report, you can click this link spring-budget-mar24-blue-compressed