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After cutting National Insurance yet again in yesterday’s Budget, Chancellor – Jeremy Hunt, claims people on the average wage will be better off. Gooding Accounts’ Partner Sam gives an overview on the key points from the Budget Day announcement.

Budget Highlights

  • The main rate of class 1 employee national insurance contributions (NICs) will be cut from 10% to 8% with effect from 6 April 2024 and the main rate of class 4 self-employed NICs will also be reduced from 8% to 6%.
  • The high income child benefit charge (HICBC) will be reformed, increasing the HICBC threshold to £60,000 from April 2024. The rate at which HICBC is charged will be halved so that child benefit is not fully withdrawn until individuals have an income of at least £80,000. HICBC will apply on a household rather than an individual basis by April 2026.
  • An additional UK individual savings account (ISA) will be created with a £5,000 allowance in addition to the current £20,000 ISA limit.
  • The higher rate of capital gains tax (CGT) for residential property disposals will be cut from 28% to 24% from 6 April 2024.
  • The furnished holiday lettings tax regime will be abolished from 6 April 2025.
  • The value added tax (VAT) registration threshold will rise from £85,000 to £90,000 from 1 April 2024. The deregistration threshold will rise from £83,000 to £88,000.
  • The non-UK domicile rules will be replaced, from 6 April 2025, with a regime based on residence.
Your Gooding Accounts’ client manager will be providing more detail on how the budget will affect you, if you’d like a copy please contact us at

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