Jeremy Hunt has delivered his second statement as Chancellor of the Exchequer this afternoon.

The chancellor announced a 2p cut to the rate of National Insurance paid by employees, this is aiming to save the average worker approximately £450 a year. This will rise to £900 once combined with the reduction from the last autumn budget.

Key points on Tax cuts:

  • National Insurance cut by 2p.
  • Full expensing will extend to leasing.
  • Tax refiled for savers on new ‘British ISA’.
  • CGT on investment property cut from 28% to 24%.
  • The threshold for child benefits will be raised to £60,000.
  • Abolition of non-dom status.
  • The VAT Threshold for small businesses will increase from £85,000 to £90,000.
  • A new ‘British ISA’ which will provide an additional £5,000 of annual tax-free investment in UK equities.
  • Fuel Duty will remain frozen giving motorists another £5bn tax break.
  • Alcohol duty is frozen. 

Key points on Tax rises:

  • From October 2026 vapes and tobacco will be hit by duties.
  • There will be no tax perks for furnished holiday lets.
  • Higher duty on airfare for Business class.
  • Multiple Dwellings Relief (SDLT) removed from June 2024.

As always, if you would like any further information regarding the above, please liaise with your usual Williamson & Croft contact.