Following the ‘Autumn Statement for Growth 2024’ , the Chancellor announced his ‘Budget for Long Term Growth‘. In a speech laden with political potshots and name drops it is hard to ignore the warmup for an election.
Further cuts to National Insurance, changes to Child Benefit, a new UK ISA, and measures targeting non-domiciled individuals have grabbed the headlines. But below the line, key tax bands and allowances remain frozen (or even reduced).
As a Certified B-Corporation we like to consider things through a lens of People, Planet, and Profit. Taking this approach, some of the highlights at this Budget were.
People: Support for working families through cuts to National Insurance, changes to the high income child benefit tax charge, and Fuel Duty remaining frozen.
Planet: The Energy Profits Levy is set to remain until April 2028. Investment in clean energy and decarbonisation technology continues to be a feature.
Profit: An extension of permanent expensing to leased assets. A reduction in the VAT threshold.
Not all of the measures mentioned in the Budget will feature in the Finance Bill. Many are subject to consultation, or consideration at a future spending review. With a warmup for an election in progress, these should certainly be treated with caution.
Read our Spring 2024 Budget Summary
The attached document highlights the facts and figures, and provides a reminder of the key rates and allowances.
