19 March 2024

Following this year’s Spring Budget, the Spring Budget Bill 2024, Finance (No.2) Act 2024, has now been published bringing the announced tax changes into law.

Measures in the bill include the High Income Child Benefit Charge (HICBC) threshold being increased from £50,000 to £60,000. Planned as an interim measure while a longer term system is developed for implementation by April 2026.

A separate bill was passed, with all three stages of the bill (second reading, committee and third reading) being taken on 13 March 2024. The National Insurance Contributions (Reductions in Rates) (No. 2) bill was introduced to implement the planned 2p cut to employees National Insurance Contributions (NICs) from 6 April 2024.

 


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