On 30 October 2024, Chancellor Rachel Reeves presented her first budget to parliament. This was a budget intended to restore stability to our economy and to begin a decade of national renewal. Investment will be funded by revised debt rules to facilitate additional borrowing and a hefty £40 billion of tax rises.

Cuts to National Insurance contributions and the abolition of so-called 'non-dom' tax breaks were among the headline announcements in this year’s Spring Budget.

Read on, as we delve into more of the details and summarise the biggest changes that were unveiled during the budget.

Read this article to find out about changes to pension tax relief #annualallowance #lifetimeallowance

Chancellor Hunt billed his Budget as a Budget for growth with emphasis on fixing problems in the labour market alongside improving business investment and innovation

For the former he has addressed barriers to staying in work experienced by high earners with large pension pots, and provided some help to parents who are looking for affordable childcare.

Under the investment heading he announced incentives for investment in 12 new investment zones, and a ‘fully expensed‘ system of obtaining tax relief for plant and machinery.

The chancellor also confirmed that the energy price guarantee for domestic consumers would remain in place for another three months keeping the annual bill for an average household at £2,500 for the year.