Spring Budget 2024 – The Best of the Rest
The Chancellor, Jeremy Hunt, has delivered the Budget, setting out the government’s plans for taxation and spending in the coming period.
As well as the main “headline” changes announced, as always the Budget contained a number of additional changes to the tax regime, affecting both businesses and individuals. A few highlights are as follows:
VAT
From April 2024 the threshold for registering for VAT will be increased from £85,000 annual turnover to £90,000.
Full Expensing
In due course, full expensing for capital allowances will be extended to cover leased assets.
Excise Duties
Alcohol and fuel duties are frozen for another 12 months.
A new excise duty to be introduced for vaping, with a corresponding rise in tobacco duty.
ISA Allowances
The annual ISA allowance being increased from £20,000 by the introduction of an additional £5,000 “British ISA”, for investment in UK equities.
