Last updated: 06 Mar 2024 02:00 Posted in: AIA
Chancellor Jeremy Hunt has unveiled the contents of his Spring Budget 2024 in the House of Commons, with a budget for long term growth, helping not just with cost of living support but with permanent cuts in taxation
Some of the key announcements include a reform to the High Income Child Benefit Charge, an NHS Productivity Plan, an increase to the repayment period for new loans from 12 months to 24 months, an end to a £90 charge for debt relief orders and a six-month extension to The Household Support Fund. Alcohol and fuel duty will also remain frozen until 2025.
He has also promised a lift on the VAT threshold for small businesses (SMEs) by providing £200m of funding to extend the Recovery Loans Scheme as it transitions to the Growth Guarantee Scheme. As well as an increase to VAT registration threshold from £85,000 to £90,000 from 1 April, the first in seven years.
AIA is hosting a free webinar with Tim Keeley on Monday 11th March, which will cover the key announcements of the Spring Budget, including a comprehensive summary to help you understand what the announcements mean for you and your clients.
Register for our Free Spring Budget 2024 Webinar Find out more about the Spring Budget 2024