Spring Budget 2024 - key points to note2p cut to National InsuranceThe Chancellor’s main headline was a cut of 2p to employees’ National Insurance, from 10% to 8% from 6 April 2024. From the start of their fifth year of UK tax residence, those benefiting from the new regime will pay UK tax on their worldwide income and gains at the prevailing rates of income tax and capital gains tax. Property TaxesThe government has made several changes to the property tax system, claiming this makes it “fairer and more efficient”6. Finally, he announced that on 1 June 2024 Multiple Dwellings Relief (MDR) would be abolished, (a bulk purchase relief in the Stamp Duty Land Tax regime). Restrictions to Agricultural Property Relief and Woodlands Relief for IHTIn addition to the measures announced above, from 6 April 2024, the Government will restrict the scope of Agricultural Property Relief and Woodlands Relief to property located in the UK.

Source: The Guardian March 06, 2024 23:08 UTC