Who says the Tories are not corrupt?

Jeremy Hunt just announced a huge tax cut for landlords.

Reminder: Hunt owns seven flats.

Just as well, some of us noticed.

Budget Summary:

  1. Employees’ national insurance contributions will decrease from 10% to 8% starting in April, affecting approximately 27 million workers and resulting in savings of up to £450 annually.
  2. Self-employed national insurance rates will also see a two-percentage-point reduction.
  3. The higher rate of property capital gains tax will be lowered from 28% to 24%.
  4. The non-dom tax status is eliminated, preventing foreign nationals residing in the UK but officially domiciled overseas from avoiding UK tax on overseas income or capital gains. A simplified residency-based system is expected in 2025.
  5. Stamp duty relief for Multiple Dwellings transactions is discontinued.
  6. The furnished holiday lettings regime is abolished due to its impact on property availability for long-term local rentals.
  7. Air passenger duty increases for non-economy class plane passengers.
  8. The energy profits levy on UK-produced oil and gas is extended until 2029.
  9. The High Income Child Benefit Charge shifts to a household-based system, with a threshold increase to £60,000 in April and a taper threshold rise to £80,000.
  10. The household support fund is extended for an additional six months.
  11. The £90 charge for a debt relief order is abolished.
  12. Repayment periods for low-income individuals taking out new budgeting advance loans increase from 12 to 24 months.
  13. A new British ISA allows a £5,000 annual investment in UK businesses, offering tax advantages on top of existing allowances.
  14. A British Savings Bond, delivered through NSNI, is introduced, providing a guaranteed rate fixed for three years to encourage savings.
  15. Duty on vaping liquids will be introduced in October 2026, along with a one-off increase in tobacco duty.
  16. The alcohol duty freeze is extended until February 2025 to support British pubs.
  17. No change to fuel duty, maintaining the 5p cut announced in March 2022.
  18. Full expensing for businesses will apply to leased assets in the future, with a draft bill to be published soon.
  19. The VAT registration threshold for businesses is increased from £85,000 to £90,000.
  20. Eligible film studios in England receive 40% relief on gross business rates until 2034. Permanent tax relief is set at 45% for touring and orchestral productions and 40% for non-touring productions.
  21. The Office for Budget Responsibility predicts UK GDP growth of 0.8% in 2024 and 1.9% in 2025.
  22. The Office for Budget Responsibility anticipates Treasury borrowing of 91.7% of GDP in 2024-25 and 92.8% in 2025-26.
  23. The Office for Budget Responsibility expects inflation to fall below the target within months.
  24. The NHS receives an additional £2.5 billion this year to address issues, including waiting lists.
  25. Planned growth in day-to-day public sector spending is maintained at 1% in real terms, with a focus on more effective utilization. This includes full funding for the NHS productivity plan to enhance digital transformation.

Douglas James

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