High income child benefit threshold increases to £60,000, with the benefit being clawed back between £60,000 and £80,000.
There are plans to administer the High Income Child Benefit charge on a household rather than an individual basis by April 2026, with consultation to be held in due course.
Employees National Insurance to be cut by a further 2%, from 10% to 8%.
Non-domiciled status, which enables some individuals to reduce their UK tax liability, is to be abolished.
Proposed introduction of a £5,000 per year UK ISA in addition to existing ISA allowances, with a consultation process to begin immediately.
Personal allowance to remain at £12,570 until April 2028
Higher rate threshold to remain at £50,270 until April 2028
Inheritance tax nil-rate bands to remain frozen until April 2028
Capital gains tax annual allowance to fall from £6,000 to £3,000 from April 2024.
No changes to savings starting rate allowance (£5,000) or personal savings allowance (£500 or £1,000 for lower and higher rate taxpayers).
Minimum wage to increase from £10.42 to £11.44 per hour from April 2024 for those aged 21 and over.
Businesses & self-employed
Class 4 National Insurance cut from 9% to 6% from April 2024.
Class 2 National Insurance contributions abolished from 6 April 2o24 as previously announced.
The VAT registration threshold to increase from £85,000 to £90,000 from April 2024.
Guidance on deductibility of training costs for existing sole-trader businesses has been issued, but start-up training still not considered allowable.
Companies & shareholders
The tax-free dividend threshold to fall from £1,000 to £500 from April 2024.
No changes to Corporation Tax rates or thresholds.
Proposed extension of full expensing to leased assets, with a consultation process to begin immediately.
Property
Higher rate of capital gains tax on UK residential property falls from 28% to 24% from April 2024.
Reliefs for Furnished Holiday Lets to be abolished from April 2025, with some anti-forestalling rules applying from 6 March 2024.
Multiple dwellings relief for Stamp Duty Land Tax to be abolished from 1 June 2024; transitional rules apply from 7 March 2024.
Other announcements
Fuel duty frozen at its current level for another year.
Existing freeze on Alcohol duty to remain in place until February 2025.
New duty on Vaping products to be introduced from 1 October 2026.
The government’s shares in NatWest are to be sold.
£160 million to be spent on two nuclear sites – Anglesey and South Gloucestershire – with £120 million allocated to green industries for development of technologies such as carbon capture and offshore windfarms.
Energy Company Windfall taxes extended for an additional year to 2029.
Additional tax credits for films and film studios.
Theatre, Orchestra and Museums tax reliefs to be permanently set at 40% and 45% for non-touring and touring productions from April 2025.
Consultation on raising standards in tax advice and a regulatory framework for tax practitioners.
