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The Spring Budget Bill 2024 - also referred to as Finance (No 2) Bill 2024 - has been published. It is 22 pages long, with 26 clauses and no schedules.
Measures include increasing the threshold for the high income child benefit charge (HICBC) from £50,000 to £60,000, cutting the higher rate of capital gains tax on residential property from 28% to 24%, abolishing multiple dwellings relief and legislating for a price floor for the energy profits levy (EPL) to remain in place only while prices remain high.
The bill also legislates for several tax changes which have been previously announced and consulted on, including maintaining the current rates for income tax and corporation tax, and the starting rate for savings.
The changes to National Insurance, which will take effect on 6 April 2024 for employees and self-employed people, is being legislated through a separate bill.
