Spring Budget 2024: Our highlights and summary

Nevertheless, there were some notable announcements impacting individuals and businesses.

The headline announcement for workers was a further cut to national insurance contributions, however many will see these tax saving wiped out by the Chancellors decision not to adjust personal tax thresholds or the personal allowance, with inflation pushing individuals into higher tax rates.

The Chancellor addressed some concerns by reforming the high-income child benefit charge tax trap, albeit not entirely eliminating it. Additionally, raising the VAT registration threshold and making modest changes to capital gains tax were steps in the right direction, though some may argue for bolder reforms.

The decision to abolish the ‘non-dom’ status to fund tax cuts for working families could impact investment in the UK, prompting affected individuals to relocate. Introducing a new residency-based system may mitigate this, but its effectiveness remains to be seen.

Focused mainly on workers, the Budget lacked significant provisions for pensioners, perhaps relying on the triple lock guarantee to secure their support. Ultimately, the Budget aimed to maintain economic stability in preparation for the upcoming election, with the Chancellor hoping to dispel doubts about the Conservative party’s economic competence.

Whether the Budget succeeds in this remains uncertain, as does the timing of a general election and the potential for further fiscal events to sway voters.

Below, you can find our ‘at a glance’ highlights, as well as our full Spring Budget Summary Guide. We hope these provide you with useful updates and if you have any questions about how you are affected, please do get in touch with our team.