Welcome to the Barnes Roffe 2024 Spring Budget Tax Tables.

While the majority of the 2024/25 tax rates were released in the autumn, the Chancellor kept some surprises for Budget day. With detailed speculation in the last few days ahead of the Budget on whether income tax or national insurance would take the tax-cutting limelight, there were announcements across a range of key areas.

The key tax changes you should bear in mind for 2024/25 are:

• Most main tax allowances and reliefs remain frozen at their 2023/24 levels.
• For Scottish taxpayers, there is a new advanced rate at 45% while the top rate increases by 1% to 48%.
• The high income child benefit charge threshold will increase to £60,000 and will not be fully withdrawn until an individual’s income reaches £80,000.
• Following the abolition of the pension lifetime allowance, there are two new allowances – the lump sum and death benefit allowance pegged at £1,073,100 and lump sum allowance at £268,275.
• The dividend allowance for 2024/25 has been cut from £1,000 to £500.
• The capital gains tax exempt amount is reduced from £6,000 to £3,000 for 2024/25. The higher rate of capital gains tax (CGT) for residential property disposals, will be cut from 28% to 24% from 6 April 2024
• The VAT registration level will go up to £90,000 from 1 April 2024, while the de-registration level will rise to £88,000.

If you have any questions about how the new tax rates from 6 April will affect you, as well as measures from the Spring Budget, please get in touch.

2024 Spring Budget Summary

2024/25 Tax Tables