Tax and National Insurance

• Employee NI contributions to be reduced from 10% to 8% and self-employed NI contributions reduced from 9% to 6% from 6 April 2024. 
• Higher CGT rate for residential property to be reduced from 28% to 24% from 6 April 2024. 
• Non-UK domicile tax regime to be abolished and replaced with residency-based system from April 2025. Transitional arrangements will apply to individuals affected.
• High Income Child Benefit Charge income threshold to be raised from £50,000 to £60,000 from April 2024, taper rate to be halved so that Child Benefit will not be repaid in full until income reaches £80,000 and Government to consult on moving to a charge based on household rather personal income.
• Household Support Fund, which is used to support households most in need, to be extended for a further six months until September 2024.
• Alcohol duty freeze extended until 1 February 2025.
• ‘Temporary’ 5p fuel duty cut introduced in 2022 extended until April 2025.
• Vaping duty to be introduced from 1 October 2026 together with a one-off tobacco duty increase at the same time.
• Air passenger duty for non-economy flights to be increased to maintain their real terms value.

Savings and investments

• Consultation on new UK ISA that invests in UK equities with a £5000 allowance in addition to the £20,000 that can be subscribed into an ISA. 
• British Savings Bonds to be launched through NS&I in April 2024 that will offer a guaranteed interest rate, fixed for three years. 
• Government intends to sell remaining shares in NatWest including some to retail investors during summer 2024 at the earliest.

Business

• VAT registration threshold to be increased for the first time since 2017 from £85,000 to £90,000 from 1 April 2025.
• Government to consult on extending full expensing to assets for leasing.
• Government agreed a deeper ‘trailblazer’ devolution deal with the North East Mayoral Combined Authority.
• Level 2 Devolution Agreements finalised with Surrey County Council, Buckinghamshire Council and Warwickshire County Council.

Housing

• Furnished Holiday Lettings Regime to be abolished from 6 April 2025 to eliminate the tax advantage for landlords who let short-term furnished holiday properties over those who let residential properties to longer-term tenants. 
• Stamp Duty Land Tax relief for multiple dwellings to be abolished from 1 June 2024.
• Investments announced in housing developments in Barking Riverside (£124 million) and Canary Wharf (£118 million) with plans to support housing developments in Leeds, Euston and Cambridge.