MARCH 2024 BUDGET SUMMARY
A summary of measures announced in the 6 March 2024 budget which may affect landlords:
Capital Gains Tax
Tax free allowance remains at £3,000
From April 2024 the amount to be paid on chargeable gains reduced from 28% to 24%
From 6 April 2024
Child Benefit
Increased:
Single wage earner £60,000 earnings before child benefit affected
Couple wage earners £80,000 earnings before child benefit affected
From 6 April 2024
Fuel Duty
Frozen for another 12 months so will stay at 53p per litre
Holiday Lets
Changes to the tax regime
Furnished holidays tax regime which previously offered tax incentives to landlords engaged in holiday rentals, is now set to be abolished.
Landlords with furnished holiday lets will no longer be able to claim tax relief on interest payable on borrowings
From April 2025
Household Support Fund
Extended for another 6 months to September 2024.
Multiple Dwellings Relief
A provision offering stamp duty discounts for buyers acquiring multiple properties in a single transaction was abolished.
National Insurance
Cut in the amount to be paid by workers by 2p reducing amount payable from 10% to 8%
From 6 April 2024
Non Domiciled Tax Regime
Abolished
From April 2025
Tobacco
One-off tobacco duty increase of £2.00 per 100 cigarettes or 50 grams of tobacco
From 1 October 2026
Vaping
A new duty on vaping products
From October 2026
VAT
The registration threshold increased from £85,000 to £90,000
From April 1
Property transactions with contracts that were exchanged on or before 6th March will continue to benefit from the relief regardless of when they complete, as will any other purchases that are completed before 1st June.