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Initial thoughts on the 2024 Budget

Seeds of change

Key points

  • Regulation of the tax profession has started to become a reality.
  • Abolition of non-dom tax status and furnished holiday lettings regime will create complexity.
  • Increases to the income levels for the high income child benefit charge (HICBC) are welcome but basing it on family income may be problematic.
  • Reductions in rates of employee and self-employed National Insurance were no surprise.

The chancellor never seems to take Taxation’s publishing schedules into account when deciding the date of the Budget. In future issues we will publish in-depth articles on some of the key changes: this week there is just time for me to share as usual my initial thoughts on what has and has not been announced.

Jeremy Hunt was quoted as saying that great budgets change history. Will this one join the list? In at least one way I think it will though not...

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