Spring Finance Bill sets shape for tax changes to come
Newsletter issue – April 2024
You‘ve probably digested the main news by now from the Spring Budget. Now comes the next stage:the Spring Finance Bill. The bill was published on 14 March, ensuring that the measures announced in the Budget take their next steps towards becoming reality.
Whenever a government announces new taxation in a Budget or Spring or Autumn Statement, these plans require statutory (or legislative) authority. A number of tax changes will now be enshrined into law if the bill passes as expected.
Cuts to National Insurance contributions and the abolition of so-called ‘non-dom‘ tax breaks were among the biggest headline grabbers in Jeremy Hunt‘s Budget. The changes to National Insurance, which will take effect on 6 April 2024, for employees and self-employed people, are being legislated through a separate Bill.
The Bill received its first reading in Parliament on 13 March. It will now follow the normal passage through Parliament, with a second reading on 17 April.
The Bill also legislates for several tax changes that have been previously announced and consulted upon, including maintaining the current rates for income tax and corporation tax and the Starting Rate for Savings.
A summary of the major announcements from the Budget:
- Cut to property capital gains tax
- Rise in VAT registration threshold
- Full expensing to apply to leased assets
- New British ISA
- Rise in child benefit threshold
- Freeze on fuel duty
BLOG POSTS
Posted on Mon, 3 Aug 2015
Posted on Mon, 3 Aug 2015
Posted on Wed, 29 Jul 2015
TWITTER
Tweets by @OWSupportLATEST TAX TIPS AND NEWS
Cuts to National Insurance contributions and the abolition of so-called ‘non-dom’ tax breaks were among the headline announcements in the...
You‘ve probably digested the main news by now from the Spring Budget. Now comes the next stage: the Spring Finance Bill. The bill was published...
You may have seen somewhat of a furore breaking out in the media towards the end of the month, as HMRC announced its tax helpline would shut down for...
We‘ve seen plenty of speculation before the last two Budgets that Inheritance Tax would see major reforms. Yet nothing materialised. And the...
Funerals that are broadcast online for well-wishers unable to attend in person are becoming exempt from VAT. During the COVID pandemic, streaming...
Q: I’m a property owner, and I’m considering renting one of my houses out for people to use for vacations. What are the tax rules I need...
New tax year begins; new tax codes take effect....