The Chancellor Jeremy Hunt has given his Budget speech to Parliament, unveiling a few changes which could have implications for your finances.

This Budget was an important one because it comes ahead of a general election, so it was a chance to woo voters with crowd-pleasing measures. It also comes against a backdrop of a UK in a technical recession, defined as negative economic growth for two quarters in a row. Here are some of the key announcements from the Chancellor’s Budget speech.

National Insurance cut again

The Chancellor opted to cut Class 1 National Insurance contributions (NICs) by a further 2p to 8%, doubling down on the cut from 12% to 10% announced in the Autumn Statement. These two cuts together are estimated to save the average worker around £900 a year (based on average weekly earnings from the ONS). Hunt also announced a 2p cut from 8% to 6% for self-employed Class 4 NI contributions, in addition to the 1p cut announced in the Autumn Statement.

New British ISA and British Savings Bond 

A new British ISA will give everyone an extra £5,000 ISA allowance, on top of the existing £20,000 ISA allowance, to invest in British businesses while getting tax relief. There will also be a British Savings Bond launched through NS&I in April 2024 which will give a guaranteed interest rate fixed for three years. 

Child benefit high income charge threshold raised 

By April 2026 the Chancellor wants to change the way child benefit eligibility is calculated so household rather than individual income is assessed. He is also increasing the child benefit high income tax charge threshold from £50,000 to £60,000, and raising the upper threshold so child benefit does not need to be repaid in full until earnings are £80,000.

CGT on non-primary residences cut

The higher rate of capital gains tax (CGT) on residential properties will be reduced from 28% to 24%.

Tax breaks for non-doms removed 

Non-domiciled tax status for wealthy overseas individuals is to be scrapped and replaced with a residency system.

From April 2025, the reforms will give new arrivals to the UK a four-year period in which they don’t have to pay tax on foreign income provided they have been non-tax resident in the prior 10 years. A transitional arrangement will come in for existing non-doms, who will be encouraged to bring their overseas assets to the UK.

Holiday let tax breaks scrapped

Hunt opted to abolish the furnished holiday let (FHL) regime which gives tax relief on properties being rented out to holidaymakers, bringing these properties into line with other private rentals.

What the Chancellor didn’t do

Cuts to income tax rates or increases to the thresholds for paying different rates of income tax did not materialise. There had been calls for changes to income tax instead of NI so that pensioners could also benefit.

By not lifting tax thresholds in line with inflation, more people can end up caught in higher tax brackets as their pay rises – this is known as ‘fiscal drag’.

Hunt also did not tinker with inheritance tax or remove the 25% penalty charge on unauthorised withdrawals from Lifetime ISAs. It was confirmed that the pensions lifetime allowance will be abolished from 6 April. 


The Scottish Budget

Scotland has already presented its Budget, in which it made changes to its income tax regime. Some of the key measures which will come in on 6 April are:

  • Increase to the upper threshold on ‘starter’ (19%) and ‘basic’ (20%) rate bands in line with inflation.

  • New ‘advanced’ tax band which charges 45% income tax for earnings between £75,001 and £125,140.

  • Increase in ‘top’ tax rate from 47% to 48%.

What does it all mean for you?

Our experts are looking closely at what today’s Budget means for your money. We will contact you again shortly as soon as we have digested the changes announced.

If you’d like to talk to us about any of these issues or anything else, speak to your atomos contact and call us on 03301 656 600 or email

The information and opinion contained in this article should not be treated as a forecast, research or advice to buy or sell any particular investment or to adopt any investment strategy. Any views expressed are based on information received from a variety of sources which we believe to be reliable, but are not guaranteed as to accuracy or completeness by atomos. Any expressions of opinion are subject to change without notice. Past performance is not a reliable indicator of future results. Investing involves risk and the value of investments, and the income from them, may fall as well as rise and is not guaranteed. Investors may not get back the original amount invested.

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