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Key points from today's Budget

Here are some of the key points from today's Budget as delivered by the UK Chancellor Jeremy Hunt:

  • Alcohol duty to be frozen until next February.

  • Fuel duty frozen for a further 12 months.

  • VAT registration threshold to increase from £85k to 90k from next month.

  • Chancellor says draft legislation to be published to extend 'full expensing' - which allows businesses to deduct the full cost of investing in machinery and equipment from their tax bill - to leased assets.

  • A new tax levy on vaping to be introduced. A one-off increase in tobacco duty will happen at the same time. However, neither change will happen before the next UK election.

  • The so-called 'non-dom' tax regime to be abolished and replaced by a new system whereby new arrivals in the UK pay nothing no tax on foreign income for four years, after which they will pay the same as all other UK residents.

  • Child benefit income threshold to increase to £60k.

  • National Insurance to be cut by 2p in the pound from next month. New NI rate will be 8%, and 6% for self-employed.

  • Windfall tax on oil & gas companies to be increased by a further year to March 2029.


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