The much predicted National Insurance cut will take place in April with the rate cut by another 2p from 10% to 8% and self employed NI from 8% to 6%
27 million people said Jeremy Hunt will save £900 a year in just three months with these tax cuts adding that these cuts, combined with autumn ones, will increase participation in the workforce by 200,000
I aim to please all sides of the House in my Budget said Hunt as he abolished the controversial Non Dom scheme in a budget of few surprises
Under the new regime anyone who has been a tax resident in the UK for more than four years will pay UK tax on their foreign income and gains.
Hunt extended as expected the Energy profits levy to 2029
The Chancellor told the Commons that the NHS’s IT systems will be updated to be the ‘best in the world’ at a cost of £3.4bn with the hope that the new system will save £35bn in costs.
and promised to guarantee “the rates that will be paid to childcare providers” to deliver the Government’s free childcare expansion pledge
The Chancellor said he would keep the planned future public spending rises at 1% – rather than reducing to 0.75% as anticipated ahead of the budget
However he added that the Government is going to “spend it better” through a “landmark public sector productivity plan” to find greater savings including the NHS.
But he says govt is going to “spend it better” through a “landmark public sector productivity plan” to find greater savings incl in NHS.
Hunt confirmed that the Government will extend the temporary fuel duty cut for another year, at a cost of £5bn, saving motorists an average £50 a year.
Hunt announced plans to reform Child Benefit raising the threshold and raising the taper.
Nobody he says earning under £60,000 will pay the charge, and 170,000 families will be taken out of paying it altogether.
This will benefit nearly half a million families, saving an average of £1300 next year he added
A New excise duty will be introduced on vapes, and there will be higher air passenger duty on business class flights.
The Capital Gains Tax on property has been reduced from 28% to 24% and the holiday lets scheme has been abolished
The VAT registration threshold will increase from £85k to £90k,the first increase in seven years,the Chancellor saying thatit would help “tens of thousands of businesses”
Hunt also announced a new “British Isa” giving investors a £5,000 extra tax-free allowance to “encourage more people to invest in UK assets”
Jeremy Hunt also announced a number of levelling up investments including announcing a trailblazer deal for the North East worth over £100m.
The Household Support Fund will be extended for six months on current terms
The Chancellor began his Budget speech by saying he would allocate £1 million towards building a war memorial for Muslims who fought for the UK in past wars
The budget also saw an announcement more than £1bn in additional tax relief for creative industries over the next five years – to boost inward investment and attract production companies from around the world.
Hunt also confirms that he will privatise the government’s remaining stake in NatWest stake this summer, with a sale to retail investors, this summer at the earliest
The Chancellor also announced a boost in the electric vehicle sector with £270million in funding that will make EVs ‘ever-more efficient’
The fiscal watchdog the Office for Budget Responsibility forecasts inflation falling below the 2% target in a few months’ time,
