Remind me what was in the Budget?published at 08:02 Greenwich Mean Time 10 March
On Wednesday, Chancellor Jeremy Hunt announced the Spring Budget, outlining the government's plans taxes and setting out its spending commitments.
There were a few key elements he mentioned:
- National Insurance was cut for workers by another 2p, from 10% to 8% – having already fallen by 2p in last year's Autumn Statement
- The earnings threshold for child benefit was raised to £60,000, from £50,000
- The windfall tax on the profits of oil and gas companies was extended until 2029, while capital gains tax was reduced for the higher rate of property from 28% to 24%
- And the non-dom tax break, claimed by wealthy foreign residents in the UK, was abolished - but new arrivals will still not pay tax on foreign income and gains for their first four years of UK residency
- The Household Support Fund for families in England was extended for six months, falling short of charities’ hopes of a two-year extension
- Alcohol duty was frozen and the 5p cut in fuel duty was extended
- The VAT threshold for small businesses was increased, from £85,000 to £90,000
- And there will be new taxes on vapes and higher taxes for business class flights
Read more on the Chancellor’s spring Budget here.