Tax cuts
- National Insurance cut by 2p
- Child benefit threshold raised from £50,000 to £60,000
- Capital gains tax on property cut
- Tax relief for savers in new ‘British Isa’
- Fuel duty frozen
- Alcohol duty frozen
- More ‘expensing’ relief for businesses
Tax rises
- Tax perks for holiday lets scrapped
- Stamp duty raid on multiple purchases
- Non-doms stung in tax raid
- Vapes and tobacco to be hit by duties from October 2026
- Business class airfares hit with higher duty
- Oil and gas windfall tax extended
National Insurance tax cuts
National Insurance on employee wages will be cut by 2p in the pound from April 6, the Chancellor announced.
An equivalent cut was also announced for the self-employed.
Mr Hunt said this will hand an extra £450 a year to the average employee or £350 to someone who is self-employed.
Added to an NI cut last autumn, it amounts to a tax cut of £900 a year.
Child benefit
Tens of thousands of families will be able to claim more child benefit from this year.
From April, the Chancellor said the level of income at which a parent starts to lose child benefit entitlements will rise from £50,000 to £60,000.
The top of the taper will also increase to £80,000, making the rate at which the benefit recedes slower. It will mean 170,000 more families will now gain the full benefit, Mr Hunt said.
Capital gains tax
The higher rate of capital gains tax on residential property is to be cut from 28pc to 24pc, in a boost to landlords.
Mr Hunt said the Treasury and the OBR agreed that the move would actually increase tax revenues overall, as it would encourage more property sales.
The net extra tax take from the change is expected to be £690m, according to Budget papers.
Business tax cuts
Mr Hunt noted that in his Autumn Statement he unveiled a £10bn tax cut for business that make capital investments in the UK, known as “full expensing”.
Now, following calls from business lobbying groups, he announced firms will be able to claim tax relief for leased assets as well.
In addition to business rates support, the Chancellor said a further £200m will be provided to the post-pandemic Recovery Loan Scheme which lends money to small businesses to boost growth.
Over in the creative industries, the Chancellor said he will give film studios in England 40pc relief on their gross business rates until 2034.
He also unveiled plans for a new tax credit for independent films with budgets of less than £15m.
https://www.telegraph.co.uk/business/2024/03/06/budget-2024-key-points-jeremy-hunt-speech/?