{"id":8869,"date":"2024-03-06T21:26:20","date_gmt":"2024-03-06T21:26:20","guid":{"rendered":"https:\/\/www.boosst.financial\/insights\/?p=8869"},"modified":"2024-03-07T21:41:33","modified_gmt":"2024-03-07T21:41:33","slug":"spring-budget-2024","status":"publish","type":"post","link":"https:\/\/www.boosst.financial\/insights\/spring-budget-2024\/","title":{"rendered":"Spring Budget 2024"},"content":{"rendered":"<h5 class=\"western\" style=\"text-align: center;\"><span style=\"color: #db409a;\"><span lang=\"DA\">This week Jeremy Hunt <\/span><span lang=\"EN-US\">addressed the House of Commons to deliver<\/span> <span lang=\"EN-US\">his 2024 <\/span><\/span><span lang=\"DA\" style=\"color: #2b2155;\"><span style=\"color: #db409a;\">Spring Budget. Key themes were the ongoing falling rate of inflation (below 2% in coming months!) and a smattering of tax cuts to primarily reward workers and parents.<\/span><\/span><\/h5>\r\n<p>&nbsp;<\/p>\r\n<div>\r\n<h5><span style=\"color: #db409a;\"><strong>Tax Changes:<\/strong><\/span><\/h5>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">As of April, Employee National Insurance rates will witness a reduction from 10% to 8%.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">Self-Employed National Insurance rates will also see a decrease from 8% to 6%, effective from April.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">The threshold for the high-income child benefit charge will be raised from \u00a350,000 to \u00a360,000. Child Benefit will also be lost more slowly, tapering away as income rises up between \u00a360,000 and \u00a380,000, whereas the current system has seen a taper from \u00a350,000 to \u00a360,000.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">The Non-dom tax regime is set to undergo a complete overhaul, with new regulations slated for introduction in April 2025. Under the revamped system, individuals newly arriving in the UK will be exempt from paying taxes on foreign income and gains during the initial four years of residency.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">The &#8216;higher rate&#8217; of Capital Gains Tax on residential property will be lowered from 28% to 24%.<\/span><\/li>\r\n<\/ul>\r\n<h5><span style=\"color: #db409a;\"><strong>Pensions &amp; Savings:<\/strong><\/span><\/h5>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">A new \u00a35,000 &#8220;British ISA&#8221; tax allowance to be introduced (after consultation), enabling more investment in UK-listed businesses.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">NS&amp;I will launch new British Savings Bonds offering a guaranteed interest rate for three years.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">The State Pension triple lock will remain in effect.<\/span><\/li>\r\n<\/ul>\r\n<h5><span style=\"color: #db409a;\"><strong>Living Costs:<\/strong><\/span><\/h5>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">Air passenger duty for business class flights is scheduled to increase.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">Fuel duty will remain frozen for another year.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">The freeze on alcohol duty will be extended until February 2025.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">A new tax on vaping products will be introduced from October 2026.<\/span><\/li>\r\n<\/ul>\r\n<\/div>\r\n<div>\r\n<h5>\u00a0<\/h5>\r\n<h5 class=\"Default\"><span style=\"color: #db409a;\"><b><span lang=\"EN-US\">What does it all mean for you?<\/span><\/b><\/span><\/h5>\r\n<\/div>\r\n<div>\r\n<p class=\"Default\"><span lang=\"EN-US\" style=\"color: #2b2155;\">Want to know more? Our <\/span><span lang=\"EN-US\" style=\"color: #2b2155;\">guide to the Spring Budget offers a full breakdown of the chancellor&#8217;s tweaks and changes. Take a moment to read our guide and reflect on the changes which may impact you and your family.<\/span><\/p>\r\n<p class=\"Default\"><span lang=\"EN-US\" style=\"color: #2b2155;\">We have identified financial planning &#8216;threats and opportunities&#8217; and will raise anything which may change your financial plan when we next meet. In particular, we will \u00a0monitor the consultation on the new &#8216;British ISA&#8217; allowance and shall adapt our advice as appropriate once it is introduced.\u00a0\u00a0If there is anything in particular you would like to discuss, please contact your lead planner. <\/span><\/p>\r\n<p class=\"Default\">\u00a0<\/p>\r\n<p>&nbsp;<\/p>\r\n<\/div>\r\n<h5 style=\"text-align: center;\"><span style=\"color: #db409a;\">To download our full guide, click the image below:<\/span><\/h5>\r\n<p>&nbsp;<\/p>\r\n\r\n<p><a href=\"https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/03\/boosst-Spring-Budget-Guide-2024.pdf\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-8872 size-large\" src=\"https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024-724x1024.png\" alt=\"\" width=\"724\" height=\"1024\" srcset=\"https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024-724x1024.png 724w, https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024-212x300.png 212w, https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024-768x1087.png 768w, https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024-1085x1536.png 1085w, https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024.png 1344w\" sizes=\"(max-width: 724px) 100vw, 724px\" \/><\/a><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>This week Jeremy Hunt addressed the House of Commons to deliver his 2024 Spring Budget. Key themes were the ongoing falling rate of inflation (below 2% in coming months!) and&#8230;<\/p>\n","protected":false},"author":2,"featured_media":8876,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[44,124,39,83,137,138,82],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/posts\/8869"}],"collection":[{"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/comments?post=8869"}],"version-history":[{"count":5,"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/posts\/8869\/revisions"}],"predecessor-version":[{"id":8877,"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/posts\/8869\/revisions\/8877"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/media\/8876"}],"wp:attachment":[{"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/media?parent=8869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/categories?post=8869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.boosst.financial\/insights\/wp-json\/wp\/v2\/tags?post=8869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}