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How Does The Budget Affect Your Financial Planning?

Some small, but significant changes ...


Posted by Sam Bradford on 14/03/2024 @ 8:00AM

It's always important to stay updated on the latest changes in the country's economic policies, especially when it comes to your financial planning. The Spring Budget 2024, presented by Chancellor Jeremy Hunt, has brought about some significant changes ...

The Spring Budget 2024 has brought some small, but significant changes!

The Spring Budget 2024 has brought some small, but significant changes!

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All eyes were on him as he set out a myriad of changes that would affect both individuals and companies, and particular scrutiny was placed on his decisions given that we are going into an election year. So without further ado, here is a roundup of the top announcements:

  • National Insurance Changes

    The Government is further reducing the main rate of employee National Insurance from 10% to 8%, after already making a 2% cut in January of this year. For those who are self-employed, the rate of National Insurance is reduced from 9% to 6%.

    So, what does this mean? Ultimately, it means that if you are still working, you will receive more income in your wallet from your pay packet! This will help ease some of the cost of living burden on UK households, and for those who already have sufficient disposable income, this provides some extra funds from which they can put into their Pensions to grow over time.

  • Tax on Property Gains

    The Chancellor has reduced the rate of Capital Gains Tax that is payable when properties are sold by somebody who is a higher or additional rate taxpayer.

    When a person sells their home, they are not liable to pay any Capital Gains Tax unless it is a rental property or additional residence. CGT is payable on the gain that a person makes on the property, and the basic rate is currently 18% which will not change. For those who pay higher or additional rate of Income Tax, this rate will be reduced from 28% to 24%.

    For those who are planning to sell properties in the near future, this reduced rate of tax will mean that you will be able to keep more of your gains. However, it is important to bear in mind that the annual exempt amount for CGT is about to be reduced to £3,000 - this is the amount of gain you can make in a Tax Year without having to pay CGT.

  • Child Benefit Threshold Increase

    The Government is increasing the income threshold at which a person loses their eligibility for Child Benefit. Currently, you start to lose some of your Child Benefit entitlement when you earn over £50,000, but this is increasing to £60,000. This means that going forward, a parent would need to earn over £80,000 per annum to lose their Child Benefit completely.

    A higher proportion of parents will be able to receive Child Benefit, which can be used to save towards their children's futures. Have you considered starting a Junior ISA for your child, or speaking to friends and family who have children about exploring this option? It is a fantastic way to put any additional Child Benefit to use and allow it to grow for the future. Speak with us if you'd like to find out more!

  • The New British ISA

    The Government has announced that it plans to launch a brand new UK ISA. This new style of ISA will be focused around investing into UK-focused assets, designed to help UK businesses to grow.

    To incentivise investors to consider this new ISA, it will have a subscription limit of £5,000 which will be in addition to the current standard ISA subscription limit of £20,000. The beneficial part of this is that saving in an ISA is tax-free - meaning that you can withdraw your funds in the future without having to pay any tax on the growth.

    Details of this new ISA are still not confirmed, with this product not yet launching to the public and further details being ironed out. With any investment ISA, it is crucial that you consider the right level of investment risk for your experience, needs, and objectives for the money.

From changes in taxation to savings and investments, it is important to stay updated and make necessary adjustments to your budget accordingly. As always, seek professional financial advice to ensure your financial planning aligns with your long-term goals and objectives.

Until next time ...



Would you like to know more?

If anything I've written in this blog post resonates with you and you'd like to review your financial planning after the Spring Budget 2024, it may be a great idea to give me a call on 07887 832222 and let's see how I can help.

For regulated financial advice, please visit or for private financial planning with me personally, visit

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About Sam Bradford ...


I have been advising private individuals and businesses as a Financial Planner for over 20 years. I am a Chartered Financial Planner and Fellow of the Personal Finance Society and a Certified Money Coach.

As a Chartered Financial Planner, I hold the highest level of qualification available in the Financial planning profession as well as gaining a masters in Finance in 2021. I set up my own financial planning practice in 2020 to follow my passion of bringing straight forward, honest and easy to understand financial advice to those who need it.

I live in a 400 year old cottage with my husband, 2 dogs (Maia and Greg), 6 chickens and 3 beehives!

I love being outside and in nature and feel right at home digging in the veggie patch or going on road trips to the amazing UK countryside in our trusty camper van! I love being part of our local community and have volunteered as a scout leader for over 15 years as well as being the current President of the Rotary Club of Milton Keynes.

For fun, I also love all things creative from playing my accordion and guitar to painting and knitting! My most recent hobby has been to learn how to ring church bells at our local church (but this is still very much a work in progress!)


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