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Latest Government Budget - summary

Jon Triggs NDC Deputy CEO has provided a summary of the latest budget:

Reduction to National Insurance contributions for employees from 6 April.  To reduce the rate by a further 2p in the pound (2%).

The Household Support Fund, which allows local councils to help families via food banks, warm spaces and food vouchers, will be extended beyond 31 March.  It will continue for six months.

Some more help for parents with childcare benefit.  Chancellor says he will consult on a new rule to make the benefit to apply to collective household income, rather than on an individual basis, which he aims to introduce by April 2026.  But, as a more imminent help, announced the threshold will go up from £50,000 to £60,000.  And the top of the taper at which it is withdrawn will go up to £80,000.

The higher rate of property capital gains tax is to be reduced from 28% to 24%.  The move is predicted to increase revenues as there will be more transactions.

The threshold for VAT registration will go up from £85,000 to £90,000.

Announced will scrap tax breaks which make it more profitable for second homeowners to let out their properties to holiday makers rather than to long-term tenants to rent.  Will abolish the furnished holiday lettings regime.

The government has announced it will scrap and reform the tax break for wealthy foreign residents in the UK who have non-domiciled tax status.  It will be replaced with a "modern residency system".

Frozen alcohol duty. The freeze in duty was due to end in August but has been extended to February next year.

Fuel duty will remain at its current rate and be frozen for the next 12 months.  Also extending a "temporary" 5p cut on fuel duty which was due to end this month.

To help make loans for household emergencies more affordable, he announced an increase to the repayment period for new loans from 12 months to 24 months, and an end to a £90 charge for debt relief orders.

Creation of a “British” ISA - in the form of an extra £5,000 tax-free allowance for the public to invest exclusively in UK.

Up to £120 million more to the Green Industries Growth Accelerator. This is to build supply chains for new technology such as offshore wind and carbon capture.

Also announced £270 million to advanced manufacturing industries, to fund car and space innovation, to grow "zero emission vehicle and clean aviation technology".

Medical research - proposing an additional £45m investment with £3m put into cancer research.  Announced a new investment into life sciences company AstraZeneca; an additional £650m investment in the Cambridge Biomedical Campus and a new vaccine manufacturing hub in Liverpool.

The investment needed to modernise NHS IT systems will cost £3.4bn - but will unlock £35bn of savings.

Keep day-to-day public spending at 1% growth in real terms but stated the money will be spent more sensibly.  Launch of Public Sector Productivity Plan, as announced as part of Finance Settlement.

19/03/2024 09:05:23

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