Roundup of the Spring Budget 2024

The Chancellor of the Exchequer Jeremy Hunt delivered his Spring Budget on the 6th March.

We have broken down the announcements into sections and focused on how they might impact the property sector, businesses and families.

How Will The Spring Budget 2024 Impact Commercial And Residential Property?

Multiple Dwellings Relief

Hunt announced the abolition of Multiple Dwellings Relief (MDR) for transactions completing or substantially performed on or after June 1st 2024​.

This change aims to reduce a potential barrier to investment in residential property and promote private rented sector (PRS) housing supply. However, it could discourage some investors from purchasing additional properties, which we believe could dampen demand in this segment and impact rental yields.

Capital Gains Tax

There will be a reduction of the higher rate of Capital Gains Tax (CGT) for residential property disposals from 28% to 24%, effective from April 6th 2024. This is anticipated to incentivise sales of second homes, buy-to-let properties, and other residential properties.

This could then lead to an increase in the number of properties on the market, impacting the current dynamics of supply and demand. This step is seen as potentially positive for long-term buy-to-let investors and those planning to sell inherited properties, as they will pay less tax on any profits.

Furnished Holiday Lettings

The abolition of the Furnished Holiday Lettings (FHL) tax regime from April 2025, aimed at removing tax advantages for landlords of short-term furnished holiday properties, highlights the government’s approach to balancing the needs of long-term tenants with tourism and the short-term rental market.

This could benefit long-term renters as the overall rental stock could shift more in their favour. For existing FHL landlords, however, this change could lead to increased tax liability, potentially impacting their investment returns.

Stamp Duty Land Tax

The amendments to First-Time Buyers’ Relief could make purchasing a property more affordable for some individuals, potentially increasing demand in this sector.

Furthermore, the exemption from SDLT for Registered Social Landlords and public bodies from March 2024 could facilitate their acquisition of properties, for social housing purposes, potentially increasing the availability of affordable housing.

How Will The Spring Budget 2024 Impact Families?

Child Benefit

The increase in the threshold for the High Income Child Benefit Charge (HICBC) to £60,000 from the 2024 to 2025 tax year will reduce the charge for families earning between £50,000 and £60,000.

This change means that more families could retain a greater portion of the child benefit, offering financial relief and potentially easing the cost of living.

Families with income above £80,000 will be charged the full amount of the Child Benefit paid, with the idea that this will align the benefit more closely with need​.

Household Support Fund

Hunt also announced that the Household Support Fund (HSF), which is aimed at helping with the cost of food, energy and water bills, has been extended by six months to September 2024.

While this £800m support fund for the poorest families will provide a temporary fix, charities have warned that failure to continue this fund after October, or not replacing it with a more permanent support system, could lead to an increase in families unable to meet basic living costs in the winter.

How Will The Spring Budget 2024 Impact Workers and Businesses?

National Insurance

The main rate of National Insurance Contributions will see a two percent cut from 6th April 2024. This means that those earning below £50,000 will get to keep more of the income they earn.

The starting rate for NI will change from 10% to 8% for 27 million workers, which is worth about £450 a year. Combined with January’s 2p NI cut, the average earner of £35,000 will save up to £900 a year. For the two million self-employed workers, the rate will drop from 8% to 6%, which is worth £350 to a self-employed person earning £28,000.

You can work out any changes to your take home pay with this calculator.

VAT Registration

The VAT registration threshold will be raised from £85,000 to £90,000 in April 2024​. This adjustment is aimed at supporting small business growth and simplifying tax compliance.

It should mean that smaller businesses may not need to charge VAT on their sales until they reach this new higher threshold, which may improve cash flow and allow for more competitive pricing strategies.


A “Great British” ISA, to be introduced after the next General Election, will offer a £5,000 allowance exclusively for UK equities, in addition to the existing ISA savings allowance of £20,000​.

This new ISA could encourage more individuals to invest in the UK stock market, potentially increasing capital flow to domestic companies.

It may also offer investors a tax-efficient way to support and benefit from the growth of British businesses, aligning personal financial gains with the broader economic interests of the country.


The Spring Budget 2024 presents a mixed outlook for the UK housing market, business and families alike. While some of the initiatives promise some positive shifts in the long-term, the overall impact remains to be seen, hinging on market reactions to these changes as they continue to roll out.

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