March 2024 budget in a nutshell

Edward Savage
Personal Finance Editor
May 19, 2024

March 2024 budget in a nutshell

It’s a new budget today, which means updates to taxes and Government spending. Here’s the top 3 highlights that might put some money in your back pocket:

  1. National Insurance contributions to reduce by 2% for those working, which includes both employed people and self-employed. On earnings between £12,571 to £50,270, National Insurance contributions for those employed will now be 8%, and for self-employed 6%.
  2. Childcare support maximum income level rises from £50,000 to £60,000 – so those earning between £50,000 and £60,000 will now receive full support towards childcare. Support now reduces down as you earn up to £80,000.
  3. A new ‘British ISA’ (Individual Savings Account), which allows people to invest £5,000 per year into British businesses, tax-free.

And that’s the budget in a nutshell.

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