The Spring Finance Bill 2024 (official title Finance (No. 2) Bill 2023-24), which reflects many of the tax measures announced as part of the Spring Budget, received Royal Assent last Tuesday 28 May just before Parliament was dissolved on 30 May. Finance (No.2) Act 2024 now has force of law as Royal Assent is the final stage of a bill's passage through Parliament.
Some of the measures included in the Act are as follows:-
-
the higher rate of capital gains tax on disposals of residential properties is reduced from 28 percent to 24 percent for disposals from 6 April 2024;
-
the thresholds for the high income child benefit charge increased from 2024/25 onwards from £50,000 to £60,000 (lower threshold) and £60,000 to £80,000 (higher threshold); and
-
multiple dwellings relief for stamp duty land tax is abolished where the effective date falls on or after 1 June 2024. This change is subject to transitional arrangements.
LOADING...