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Spring Budget 2024

Spring Budget 2024: Winners and Losers


Spring Budget 2024 Header

Tom Goddard reveals who the winners and losers are from the Chancellor’s Spring Budget announcement


The Chancellor made us wait till the end of his speech for the leaked National Insurance Contribution (NIC) announcement to be confirmed. However, the predicted 2% cut across the main rate of NIC for the employed and self-employed of is to be implemented from April this year. The reduction, to 8% for Class 1 (for employees) and 6% for Class 4 NICs (self-employed) no doubt came at the end to ensure all who listened left with a smile on their face.

Those who enjoy a pint at their local pub, will be pleased to hear that alcohol duty will be frozen to February 2025. Once again affirming ‘The Great British Pub’ as a crucial bargaining chip up the sleeve of Mr Hunt in order to appeal to the masses.

Similarly Motorists will also see fuel duty frozen for another 12 months. Good for drivers, but less so for the environment and the Government’s green pledges maybe.

Parents and Guardians responsible for the upbringing of children will be delighted to hear about the increase to the threshold for the ‘high income child benefit charge’ to £60,000 and the lower rate at which this is clawed back as the upper threshold on this is now moved to £80,000.

Small business and the self-employed will want to take note of the VAT registration limit increase. Previously, registration for VAT would not be required until cash receipts exceeded £85,000. This threshold has increased to £90,000.

In keeping with the Chancellor’s patriotic outlook, the ‘Great British ISA’ (no doubt concocted in a Conservative bake off of ideas) is to offer an additional £5k to an investor’s ISA annual allowance for investments in UK companies. A boost to those firms and those who wish to put a little more into their ISAs.

Fancy a change of job? Well the good news is that the transfer of your pension pot between employers is being simplified. Though maybe don’t change your job, just for this reason…

The surcharge on capital gains tax on residential properties sold in the future will benefit from a reduction of 4%. This move is designed to get more properties on the move.

For the sci-fi film enthusiasts amongst you, the dream of living within a futuristic world is one step closer to reality. The availability of additional public service funding, and the need to cut administration times, has caused the implementation of ‘police drones’ to act as first responders. Robocop awaits. Serve the public trust, protect the innocent, uphold the law!


Smokers are once again seeing an above RPI increase in duty rates as Mr Sunak strives for his hallmark ban on smoking. The rise in duty compliments the proposed new law to criminalise the sale of tobacco to anyone born on/after 1 January 2009.

Similarly, those who prefer the use of vapes will see a new vaping levy imposed as of October 2026. Again, the purpose for which is to dissuade the public from inhaling fumes detrimental to one’s health.

Frequent non-economy flyers will see an increase in their air passenger duty. Those of us who prefer a domestic or economy flight shall remain unaffected from this change.

Once again, the freezing of income tax rates until 2027/28 has lengthened the ominous and frequently mentioned presence of ‘fiscal drag’, particularly among middle wage earners. This stealth tax, caused by individuals being dragged into higher and additional rate tax bands due to continual wage increases and contributing to inflation, has at this point become a staple within the ‘losers’ portion of this analysis.

Those who don’t work, don’t benefit and pensioners might feel they have been left on the side-line to look on at those benefiting from the NIC cuts.

For individuals who purchase multiple properties in one go, you’ll be disheartened to hear about the abolishment of Multiple Dwelling Relief. This could be seen as a Granny Annex tax.

With the aim to reduce short term lets for properties situated within our nation’s most desired holiday locations, the Furnished Holiday Let (FHL) regime is to be abolished. Previously FHL owners would benefit from tax reliefs such as being able to deduct full interest on mortgage loans from rental profits, rental income qualifying as earnings for pension qualification purposes, capital allowances and expenditure qualifying as allowable, and various capital gains reliefs. However no more! The foundations for FHLs have now crumbled.

Finally, the non-dom bomb shell dropped by the Chancellor will likely cause a stir. Non-doms currently resident within the UK will be reviewing their position and the changes it will mean for them. The current system is to be abolished and the new system implemented from April 2025 will only shield overseas income and gains for the first 4 years of UK residency, after which standard UK rates of taxation will apply. There will be a 2 year transitional period for overseas funds earnt prior to 6 April 2025 to be remitted to the UK (doing so will incur a 12% flat-rate remittance tax charge mind you!).

Would you like to know more?

If you have any questions about the Government’s Spring Budget and how it may impact you, please get in touch with your usual Blick Rothenberg contact or via the form below.

You can also visit our Budget Hub, where you can find our commentary and a range of insights to help you better understand how the Budget may affect you.

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