What does the 2024 Spring Budget mean for you?
The Chancellor of the Exchequer, Jeremy Hunt, has revealed his spring Budget. What does it mean for you?
- Published
- 06/03/2024
Key policies that may affect you:
Household Support Fund
- Household Support Fund to be extended for six months to September 2024.
Read more about the Household Support Fund.
Universal Credit Budgeting Advances repayment
- The maximum period of Universal Credit Budgeting Advances is to be increased from 12 to 24 months. This will apply to new Budgeting Advances taken out from December 2024.
Read more about Universal Credit Budgeting Advances.
Child Benefit
- The High Income Child Benefit Charge (HICBC) threshold will be raised from £50,000 to £60,000 from April 2024.
- The rate at which HICBC is charged will also be halved so that Child Benefit is not repaid in full until you earn £80,000 from April 2024.
Read more about the High Income Child Benefit Charge.
Personal Tax
- Class 1 employee National Insurance contributions to go down from 10% to 8% from 6 April 2024.
- Class 4 self-employed National Insurance contributions to go down from 8% to 6% from 6 April 2024.
Check your benefits entitlement
Use our confidential and free Benefits Calculator to find out if you're entitled to benefits. Sometimes it can mean that someone wasn't previously entitled to other benefits becomes entitled. It is worth you doing a benefits calculation to see if there's other money you're missing out on.
Search for grants
Lots of charities in the UK give grants, which are gifts of money or things you do not have to pay back. Use our Grants Search tool and we'll match you to grants for which you may be eligible.