The Chancellor of the Exchequer, Jeremy Hunt, officially launched the 2024 Spring Budget in the House of Commons, marking the last budget presentation before the next general election.
The VAT threshold for small businesses has been raised:
From April 1, 2024, the registration threshold at which small businesses in the UK must pay VAT increases from £85,000 to £90,000
National Insurance Adjustment:
National Insurance will be reduced from 101 TP3T to 81 TP3T starting in April, a continuation of the 21 TP3T reduction already made last fall, a measure that will directly reduce the tax burden on wage earners and the self-employed.
Changes in the tax system for non-residents:
The non-resident tax regime for people living in the UK but with a permanent home overseas is due to undergo a major overhaul in April 2025 and be replaced with new rules.
Housing Tax Adjustment:
The high rate of income tax on the sale of real estate was reduced from 281 TP3T to 241 TP3T, promoting liquidity in the real estate market.
In addition to the above policy changes, the UK's current Spring Budget also includes measures to vigorously develop nuclear energy, develop green industries, vigorously develop medicine, support the NHS, and impose a new tax on electronic cigarettes.
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