News & Insights

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:


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.