Spring Budget 2024

Bond Adams Spring Budget 2024 Report

UK Chancellor Jeremy Hunt has announced the contents of the Spring Budget 2024 in the House of Commons, which is expected to be the last budget update before a General Election.

The Chancellor reflected on the struggles that the economy has gone through over recent months, mainly high inflation and low growth. The running theme throughout the Budget was to reverse these trends – to lower inflation and increase growth.

Below is a summary of the main announcements:

Tax – United Kingdom Non-Domicile status

As widely expected, the current UK non-dom regime is to be replaced with a residency-based system which enables those coming to the UK to escape tax on their foreign income and gains for a four-year period. After the four-year period, tax will be paid on worldwide income and gains in the same way as all other UK residents.

The Chancellor has announced that those under the current non-dom scheme will be given a two-year transitional period so that wealth can be brought into the UK.


  • Increase VAT registration threshold to £90k to allow more Small and Medium Enterprises (“SMEs”) to invest and grow.
  • Make it easier for pension funds to invest in tech startups.
  • Plans to bolster the UK life science manufacturing industry through increased investment, pledging £360m.

Tax and Income Support

  • National Insurance (“NI”) contribution for employees to go down from 10% to 8% and for self-employed to go down from 8% to 6%, therefore a 2% drop in NI contributions.
  • A ‘British ISA’ will be introduced, allowing individuals to save an extra £5,000 on top of the current ISA allowance by investing in UK equity.
  • The non-domiciled tax regime will be abolished in April 2025.

Transport and energy sector 

  • The 5p fuel duty cut will be maintained for another 12 months. Consequently, the average car driver will save £50 next year.
  • £160m deal for UK government to purchase site of planned Wylfa nuclear project in North Wales, supporting the transition to green energy.
  • Windfall tax on oil and gas companies extended for another year until March 2029. It is subsequently expected to raise £1.5bn.


  • Plans to build up to 1m new homes.
  • Furnished Holiday Lettings Tax regime abolished.
  • Higher rate tax on house sale reduced from 28% to 24%.
  • Multiple Dwellings Tax relief abolished.


  • Government reconfirmed the plan to extend 30 hours of free childcare for children of 9 months of age.
  • The rates received by childcare providers are guaranteed for 2 years.
  • High-Income child benefit charge to increase to £60,000.

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Image ©UK Parliament, Maria Unger. Parliamentary copyright images are reproduced with the permission of Parliament.

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