About us
Call us: +44 1632 960212

Spring Budget 2024: Key Financial Changes Simplified

In today’s spring budget announcement, significant changes were revealed that could affect your finances. Here’s a breakdown of what was announced: 


Non-Dom Tax Regime Replacement 

The government plans to scrap the tax breaks for wealthy foreign residents, known as non-domiciled tax status. Instead, they will introduce a new scheme aimed at fairness and competitiveness, called the “modern residency system.” 


Introduction of British ISA  

A new type of ISA, called the “British ISA,” will be introduced. This will provide an additional £5,000 tax-free allowance for investing exclusively in the UK, offering new opportunities for the public to save and invest. 


Reduction in Property Capital Gains Tax 

The higher rate of property capital gains tax will decrease from 28% to 24%. This move is expected to boost revenues by encouraging more property transactions. 


Stamp Duty Relief Abolished  

Stamp duty relief for individuals purchasing multiple dwellings will be abolished due to frequent abuse of the system, according to the Chancellor. 


End of Furnished Holiday Lettings Regime  

Tax breaks incentivizing second home owners to let their properties to holidaymakers rather than long-term tenants will be scrapped, with the abolition of the furnished holiday lettings regime. 


National Insurance Contributions Cut  

There will be a reduction in National Insurance contributions for employees starting from April 6. This cut, worth around £450 per year for the average earner, will see the rate decrease by 2p. 


Enhanced Childcare Benefits 

Changes to childcare benefits were also announced. The benefit will now consider household income collectively rather than individually, effective from April 2026. Additionally, the threshold will rise from £50,000 to £60,000, with the tapering limit increasing to £80,000 for immediate support. 


Stay informed and consider how these updates might impact your financial situation. 


Founded in 2017, Fintuity has fast become one of the only digital Independent Financial Advisers (IFA) in the United Kingdom.  Fintuity offers a wide range of financial advisory services including pensions, protection, investments and mortgage advice. The key difference is that as an exclusively digital service, we can offer significant savings and a service that is direct to you and on demand.

We are here to help you
Your first consultation is completely free-of-charge. All you need to do is select a convenient time & date and outline how we can assist you.
virtual advisor
Try out our new Virtual advisor!
Get all benefits of Regular Advice via AI and ML algorithms
Related articles
Featured media
Preparing for Tax Year 2024/25: Tips and Tricks
18 Apr 2024 · Marketing Team

The dawn of a new tax year often brings significant changes. The onset of the 2024/25 tax year is no…

Featured media
The US Federal Reserve’s Influence on the UK Economy: What You Need to Know
11 Apr 2024 · Marketing Team

The US Federal Reserve is akin to the economic maestro of America, wielding the power to sway interest rates up…

Featured media
Navigating April’s Bill Changes: What’s Rising and What’s Falling 
04 Apr 2024 · Marketing Team

As April unfolds, many households brace for tighter budgets as several bills climb upward. But amid these increases, there’s a…

Thanks for subscribing!
We’re happy you joined our subscription.
Chech your inbox for future updates.
An error has occured
Please, try again later or
contact us via live chat.