National Insurance Contributions (NICs) Reduction

– Employee NICs rate cut from 10% to 8%, starting April 6, 2024

– Self-employed main rate Class 4 NICs reduced from 9% to 6%

– Abolition of the Class 2 NIC requirement for the self-employed

High-Income Child Benefit Charge Adjustments

– Threshold raised to £60,000, halving the charge rate up to £80,000 earnings

– Approximately 500,000 families to benefit, averaging a £1,260 gain in 2024-25

Tax System Reforms

– Abolishing non-domicile status, implementing a residence-based tax system from April 2025

– Adjustments to Capital Gains Tax, reducing the higher rate from 28% to 24% for residential properties

– “British ISA”, giving investors a £5,000 extra tax-free allowance

Property Taxation Changes

– Furnished Holiday Lettings regime abolished

– Multiple Dwellings Relief eliminated to prevent misuse

Corporate and Business Tax Measures

– Continued 75% business rates relief for retail, hospitality, and leisure sectors

– VAT registration threshold increased from £85,000 to £90,000

– New tax reliefs for the creative industries including film studios and independent films

– Full expensing to apply to leased assets, details to follow

Other Fiscal Measures

– Extension of the Energy Profits Levy until March 2029

– Introduction of new vaping duty and increase in tobacco duty from October 2026

– Additional investments to enhance HMRCs tax collection efficiency

This summary captures the key taxation-related announcements from the Spring Budget 2024, emphasizing the governments focus on reducing tax burdens, promoting fairness, and ensuring fiscal sustainability.