As a new financial year begins for companies on 1 April 2024, and a new tax year for individuals on 6 April 2024, now is a good time to catch up with forthcoming changes to tax rules. 

ICAEW’s Tax Faculty has created a quick reference guide (below) that provides a snapshot of the key changes taking effect from 1 or 6 April 2024. To help you find further information, links are provided to other Tax Faculty content, including tax news, TAXline articles and TAXguides. Please note that changes which may take effect during the 2024 financial year or the 2024/25 tax year (for example, measures that apply on or after the date that Finance Bill 2024 received Royal Assent) are not covered here. 

Perhaps just as interesting as what is changing in April, is what is not changing. For example, the income tax personal allowance and the thresholds for the rates of income tax set by the UK government continue to be frozen at the amounts for April 2021. This decision not to uprate a wide range of tax allowances and thresholds means not just a higher tax bill for many, but also increased engagement with the tax system overall. 

It is likely that more people will be brought within self assessment and that many will encounter complicated tax rules for the first time. Issues to consider include whether ongoing claims to marriage allowance are still valid or beneficial, and the possibility of making gift aid donations or pension contributions where the taxpayer is above one of the cliff edge income tax thresholds (eg, £100,000 for the abatement of the personal allowance).

This article was updated on 11 March 2024 to reflect the measures announced by the government in Spring Budget 2024.

We discuss changes in taxation in more detail in The Tax Track, the new podcast from ICAEW's Tax Faculty.