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Spring Budget 2024

On 6 March 2024, Jeremy Hunt delivered his budget reducing national insurance rates, increasing the VAT threshold for small businesses and pledging the end to 'non-domicile' tax status. Read ICAEW's reaction and analysis.
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Key resources

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Accountant and audit
Houses of Parliament
Accounting and audit
Podcast

Budget 2024: does it change anything?

In this Insights In Focus episode, we discuss the contents of the 2024 Spring Budget and their likely impacts on the UK economy.
Listen now
Webinar

Tax Faculty Budget update

What does the budget mean for you and your clients? Listen to the Tax Faculty's essential Spring Budget update.
Watch the recording
Insights

A pre-election Budget lacking in rabbits or hats

An extension of full expensing to leases is welcome news for businesses in a Budget that delivers nothing unexpected.
Read more
Tax

Government aims to raise tax advice standards

The government is exploring options to raise standards in the tax advice market through a strengthened regulatory framework.
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Tax insights

Draft legislation published for some Spring Budget 2024 measures
  • Article
  • 18 Mar 2024
The Spring Finance Bill contains legislation which increases the thresholds for the high income child benefit charge and abolishes multiple dwellings relief for SDLT.
Families should reconsider claiming child benefit from 6 April
  • Article
  • 19 Mar 2024
Approximately 180,000 families are encouraged to reconsider claiming child benefit in light of changes to the high income child benefit charge, which apply from 6 April 2024.
Spring Budget 2024: the measures you missed
  • Article
  • 11 Mar 2024
ICAEW’s Tax Faculty scans the Spring Budget documents for other tax-related announcements that didn’t make the headlines.
Government cuts NIC rates again for employees and self-employed at Spring Budget 2024
  • Article
  • 06 Mar 2024
From 6 April 2024, the headline rate of NIC will fall from 10% to 8% for employees, and from 9% to 6% for the self-employed. The government will also consult on how it will abolish Class 2 NIC.
VAT registration threshold to increase
  • Article
  • 06 Mar 2024
Among the indirect tax Budget announcements is the increase to the VAT registration threshold from 1 April 2024. A new duty on vaping products will also be introduced as well as changes to airport passenger duty and landfill tax rates.
Non-dom regime replaced by foreign income and gains regime
  • Article
  • 06 Mar 2024
In the Spring Budget, the Chancellor announced that the current remittance basis of taxation will be abolished for UK resident non-domiciled individuals from 6 April 2025 and replaced by a new four-year foreign income and gains (FIG) regime.
Significant changes to high income child benefit charge
  • Article
  • 06 Mar 2024
Child benefit will be recovered based on household income, the Chancellor has announced. This will challenge HMRC’s limited resources as it will have to collect additional data and change its systems and processes.
Spring Budget 2024: measures for business
  • Article
  • 06 Mar 2024
As promised in the Autumn Statement, the Chancellor used the Spring Budget 2024 to announce a suite of tax relief changes to incentivise and support growth in the UK’s creative sector.
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Public finance insights

ICAEW publishes in-depth Fiscal Insight on the Spring Budget
  • Article
  • 10 Apr 2024
Now that the dust has settled on last month’s Spring Budget, ICAEW has published a more detailed analysis on the implications for the public finances.
Fiscal deficit still too high for comfort
  • Article
  • 25 Mar 2024
Only a small improvement in the year-to-date deficit of £107bn reported in the penultimate monthly public finance release for 2023/24, over the same period a year ago.
Outlook for public finances broadly unchanged
  • Article
  • 07 Mar 2024
Chancellor cuts national insurance again but defers difficult decisions on public spending until after the general election.
Chart of the week: Spring Budget 2024
  • Article
  • 07 Mar 2024
Our chart this week takes a look at the effect of the Spring Budget 2024 on the public finances.

ICAEW Manifesto

Explore our recommendations for the next UK Government to create a renewed and resilient future UK economy.
Find out more
Manifesto 2024: ICAEW's vision for a renewed and resilient UK

Pre-budget analysis

Economic update: when will the UK exit recession?
  • Article
  • 29 Feb 2024
The unwanted recession tag creates a headache for UK policymakers as the economy continues to struggle. ICAEW’s Economies Director Suren Thiru discusses the implications.
ICAEW urges government ‘stability and clarity’ in budgets
  • Article
  • 28 Feb 2024
In a letter to the Chief Secretary to the Treasury, the Institute writes about the Spending Review scheduled for later this year, cost effectiveness in infrastructure delivery and public sector productivity.
Chart of the week: Pre-Budget deficit forecast
  • Article
  • 29 Feb 2024
While tax cuts will likely headline next week’s Spring Budget, debt markets will be questioning plans to reduce the deficit by constraining public spending.
ICAEW Member Insights: February 2024
  • Article
  • 28 Feb 2024
Despite the emergence of hopeful signs for the UK economy, regulation and employment challenges dominate member concerns.
Chart of the week: pre-budget debt forecast
  • Article
  • 22 Feb 2024
Our chart this week looks ahead to the Spring Budget and asks how much headroom the Chancellor will have available for tax cuts or higher spending while still meeting his fiscal targets.
Modest boost to public finances won’t stop taxes rising
  • Article
  • 21 Feb 2024
Prior month revisions boost public finances despite worse than expected self assessment receipts, as a think tank says tax cuts in the Budget will be sandwiched between tax rises in the years before and after.
Economic update: recession risk remains amid anaemic business confidence
  • Article
  • 05 Feb 2024
The UK economy is struggling for momentum amid high interest rates, declining consumer activity and subdued business confidence. ICAEW’s Economies Director Suren Thiru discusses the implications.
Retail and construction subdued amid weakened demand
  • Article
  • 29 Jan 2024
Marginal lift in business confidence countered by effects of high interest rates and cost-of-living crisis, finds ICAEW’s gauge of sentiment for Q4 2023.

Letters to the government

ICAEW Letter to the Chancellor Spring Budget March 2024
  • Representation
  • 30 Jan 2024
  • PDF (144kb)
A letter from ICAEW CEO Michael Izza to Chancellor Jeremy Hunt ahead of the Spring Budget on 6 March 2024.
ICAEW REP 012/24 Spring Budget 2024
  • Representation
  • 30 Jan 2024
  • PDF (220kb)
A representation dated 24 January 2024 to HM Treasury ahead of the Spring Budget taking place on 6 March 2024.
ICAEW Letter to the Financial Secretary to the Treasury (VAT simplification)
  • No content type
  • 01 Feb 2024
  • PDF (154kb)
A letter from ICAEW's Head of Tax Strategy Frank Haskew to the Financial Secretary to the Treasury Nigel Huddleston on VAT simplification.
ICAEW Letter to the Financial Secretary to the Treasury (HMRC service performance)
  • No content type
  • 02 Feb 2024
  • PDF (192kb)
A letter from ICAEW's Head of Tax Strategy Frank Haskew to the Financial Secretary to the Treasury Nigel Huddleston about HMRC service performance (Appendix not included).
ICAEW Letter to the Chief Secretary to the Treasury
  • Representation
  • 19 Feb 2024
  • PDF (111kb)
A letter from Alison Ring, ICAEW Director for Public Sector and Taxation, to the Chief Secretary to the Treasury Laura Trott ahead of the the Spring Budget on 6 March 2024.

Further resources

Resources
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Economy

Expert analysis on the latest national and international economic issues and trends, and interviews with prominent voices across the finance industry alongside data on the state of economy.

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Insights special
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Resilience and renewal

This Insights content series examines how we can build a better economy for a more resilient future.

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Research
Business Confidence Monitor
UK Business Confidence

ICAEW's Business Confidence Monitor is one of the largest and most comprehensive quarterly surveys of business conditions and the health of the UK economy.

Read the latest findings