Key points from Jeremy Hunt’s speech

• What does the Budget mean for you?

• 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
• £5,000 UK ISA tax allowance for savers investing in “UK-focused” shares – to be set up following a consultation

• How much will the National Insurance cut save me?

• Full child benefits to be paid to households where highest-earning parent earns up to £60,000 – the current limit is £50,000
• Partial child benefit to be paid where highest earner earns up to £80,000
• Longer repayment period for people on benefits taking out emergency budgeting loans from the government
• Government fund for people struggling with cost of living pressures to continue for another six months
• £90 admin fee to obtain a debt relief order scrapped

• Child benefit to be paid to more families

• Freeze on alcohol duty, which had been due to end in August, to continue until February 2025
• New tax on vaping products from October 2026, linked to the levels of nicotine
• Tobacco duty to go up £2.00 per 100 cigarettes at same time, to ensure vaping remains cheaper

• 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
• “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
• £160m deal for UK government to purchase site of planned Wylfa nuclear site in north Wales
• A further £120m for a government fund that invests in green energy projects

• Higher rate of tax paid on profits from selling property cut from 28% to 24%
• Tax breaks for owners of holiday let properties scrapped
• Stamp duty tax break when purchasing multiple properties in England or Northern Ireland to end in June

• Office for Budget Responsibility predicts UK economy to grow by 0.8% this year and 1.9% next year
• Growth of 2% predicted for 2026, with 1.8% in 2027 and 1.7% in 2028
• UK’s inflation rate forecast to fall below 2% target by the end of June, falling to 1.5% next year
• Public debt, excluding Bank of England debt, forecast to be 91.7% of GDP this year, rising to 92.8% next year
• Overall day-to-day government spending to grow by 1% in real terms over next five years
• NHS budget to go up £2.5bn next year; the service will also get £3.4bn up to 2030 to improve productivity

• Threshold at which small businesses must register to pay VAT raised from £85,000 to £90,000 from April
• Covid-era government loan scheme for small businesses extended until March 2026
• Tax reliefs for touring and orchestral productions, which had to been due to end in March 2025, made permanent

• £1m for a memorial to honour Muslims who fought for Britain during World War One and Two
• A new tax credit for independent UK films with a budget of less than £15m

— Reports /TrainViral/