March 6, 2024

Budget Breakdown – Spring 2024

By Patrick Boughton

A Quick Look at the Main Highlights of the 2024 Budget 

Chancellor Jeremy Hunt recently presented the 2024 budget in the House of Commons, outlining various fiscal measures and initiatives aimed at addressing key economic and social challenges. Here’s a concise overview of the main highlights: 


  • National Insurance contribution rate to decrease from 10% to 8% starting in April, with an additional 2p decrease announced previously. 
  • Non-dom tax regime to be replaced with new rules from April 2025. 
  • Introduction of a £5,000 UK ISA tax allowance for investors in UK-focused shares following consultation. 

Benefits and Income Support: 

  • Full child benefits to households where the highest-earning parent earns up to £60,000. 
  • Partial child benefit to be paid where the highest earner earns up to £80,000. 
  • Longer repayment period for emergency budgeting loans and continuation of the government fund for people struggling with living expenses. 

Cigarettes, Vapes, and Alcohol: 

  • Freeze on alcohol duty extended until February 2025. 
  • New tax on vaping products to start in October 2026. 
  • Increase in existing tobacco tax to maintain financial incentives for vaping over smoking. 

Transport and Energy: 

  • Freeze on fuel duty extended for another year. 
  • £160m deal for the UK government to purchase the site of the planned Wylfa nuclear site in north Wales. 
  • Extension of the “windfall” tax on energy firms until 2029. 
  • Increase in air passenger duty for business class tickets. 
  • Additional £120m for government green energy projects fund. 


  • Reduction of the higher rate of tax on property profits from 28% to 24%. 
  • Scrapping of tax breaks for owners of holiday let properties. 

Public Debt, Inflation, and the Economy: 

  • Predicted economic growth of 0.8% this year and 1.9% next year, with further growth in subsequent years. 
  • Forecasted inflation rate to fall below the 2% target in the near future. 
  • Expected underlying debt to be 91.7% of GDP this year, rising to 92.8% next year. 
  • Overall day-to-day government spending to increase by 1% in real terms over the next five years. 
  • NHS budget to increase by £2.5bn next year and receive £3.4bn up to 2030 for productivity improvements. 

Business and Investment: 

  • VAT registration threshold raised from £85,000 to £90,000 from April. 
  • Extension of Covid-era government loan scheme for small businesses until March 2026. 
  • Permanent tax reliefs for touring and orchestral productions.

Other Measures: 

  • £1m allocated for a memorial honouring Muslims who fought for Britain during World War One and Two. 
  • Introduction of a new tax credit for independent UK films with a budget of less than £15m. 

These budget measures reflect the government’s efforts to address various economic and social challenges while promoting growth and stability in the UK economy.

Important Information:
This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature or other purpose in any jurisdiction, nor is it a commitment from Clever to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. You should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine – together with your own professional advisers if appropriate – if any investment mentioned herein is believed to be suitable. Investors should ensure that they obtain all available relevant information before making any investment. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and = current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. Issued by Clever Adviser Technology Ltd (Clever), a company registered in England and Wales (company number: 2910523) with registered office at Watergate House, 85 Watergate Street, Chester, Cheshire CH1 2LF.

Meet the Author

Patrick Boughton

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