The Chancellor of the Exchequer, Jeremy Hunt, delivered the Spring Budget to the U.K. Parliament on 6 March 2024.1
Over the last few years, U.K. budgets and other fiscal events have been quiet from a global-mobility perspective, but this was not the case for this Budget. The Chancellor announced major changes to the taxation of non-domiciled individuals with effect from 6 April 2025, which will significantly impact the taxation of many individuals currently on and considering assignments to the United Kingdom. These changes and the effect that they will have on globally-mobile individuals and their employers are considered in more detail in this GMS Flash Alert.
The Chancellor also announced a further reduction in the main rate of National Insurance for employees from 10 percent to 8 percent, taking effect from 6 April 2024. This follows the reduction announced in the Autumn Statement 2023, where the rate was reduced from 12 percent to 10 percent with effect from 6 January 2024.2