Budget summary March 2024

Chancellor Jeremy Hunt has unveiled the contents of this year’s Budget in the House of Commons.

It is the last scheduled Budget before the next general election, which is expected to take place later this year.

Here is a summary of the main announcements.

National Insurance, a payroll tax, cut by 2p in the pound for employees and the self-employed
Non-dom tax regime, for UK residents whose permanent home is overseas, to be replaced with new rules from April 2025
Full child benefits to be paid to households where highest-earning parent earns up to £60,000, limit is £50,000 currently
Partial child benefit to be paid where highest earner earns up to £80,000
£5,000 “British ISA” tax allowance for individual savers to invest in UK-listed companies
Longer repayment period for people on benefits taking out emergency budgeting loans from the government
£90 fee to obtain a debt relief order scrapped
Government fund for people struggling with cost of living pressures to continue for another six months

Freeze on alcohol duty, which had been due to end in August, to continue until February 2025
New tax on vaping products to start in October 2026, following a consultation
Existing tax on tobacco to increase, to maintain the “financial incentive to choose vaping over smoking”

Fuel duty frozen again, with the 5p cut in fuel duty on petrol and diesel, due to end later this month, kept for another year
£160m deal for UK government to purchase site of planned Wylfa nuclear site in north Wales
“Windfall” tax on the profits of energy firms, which had been scheduled to end in March 2028, extended until 2029
Air passenger duty, the tax paid on flights, to go up for business class tickets

Source: BBC news

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