Budget 2024 Response
5 min readThis last spring Budget before the next general election was always likely to have a political flavour. Against a backdrop of historically high taxes, Jeremy Hunt presented us with some pre-election tax cuts including a 2% reduction in National Insurance and a 4% cut in the rate of capital gains tax on residential property.
Additional tax cutting measures included further support for creative industries with the extension of existing tax reliefs for orchestras, theatres, and museums, and additional help for the film industry. There were also increases to the high-income child benefit charge threshold; the freezing of alcohol duty and the extension of the 5p cut in fuel duty.
These tax cuts are to be paid for partly by the much anticipated abolition of the Non-Dom regime which is expected to raise £2.7bn. More money is to be provided to HMRC to bolster their debt management capacity which is anticipated to raise significant additional funds.
Other tax raising measures include the abolition of the beneficial tax treatment of furnished holiday lets; the abolition of Stamp Duty Land Tax Multiple Dwellings relief; the extension of the energy profits levy and the introduction of duty on vaping products.
