Spring Budget 2024 summary

The Chancellor of the Exchequer, Jeremy Hunt presented the latest Spring Budget on Wednesday 6 March 2024.

Our Budget Hub contains insights and publications to help you digest the latest announcements and guide you through the financial measures that affect you.

Spring Budget overview

Jeremy Hunt failed to spring any major surprises in this years Budget speech. The announcement of a further reduction in National Insurance Contributions, over and above cuts already announced in the Autumn Statement, is certainly a significant measure, reducing the Government’s projected income by £10 billion a year. A reduction in the rate of income tax would be more expensive to achieve, because it would affect all taxpayers, not just those in work – but maybe that is an announcement for another day, closer to the General Election that must happen within a year.

Raising the threshold for the High Income Child Benefit Charge is welcome – a tax relief worth over half a billion pounds a year. The changes to the tax regime for foreign domiciled people will, by contrast, raise a little less than £3 billion a year from 2026/27. The Labour Party has been arguing for such a change for some time, and may have mixed feelings over being denied the opportunity to introduce it themselves.

Whilst the Chancellor didn’t announce any major bombshells, there is as always a great deal of information in the documents that are released on the internet the moment he sits down. It is also possible to miss the impact of changes that were announced in previous statements and which are only now coming into effect. In this document we have summarised the latest proposals and their impact, and also included reminders of some of those earlier announcements.

At the back of the Summary you will find a calendar of the tax year with important deadline dates shown.

We recommend that you review your financial plans regularly as some aspects of the Budget will not be implemented until later dates.

Read our Budget summary

Budget reactions

Our team will provide their initial reactions to the budget announcements.

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