Jeremy Hunt delivered a conservative budget today, filled with optomism and a few positives, see how it may effect you

• Confirmation that the national insurance contribution rate will be cut from 10% to 8% of pay from April.
• Inflation is expected to fall below the government’s 2% target in “just a few months’ time”
• The chancellor confirms non-dom tax status will be “abolished” and replaced by a “modern, simpler and fairer” system from April 2025.
• The Chancellor says the government will reduce the higher rate of property capital gains tax from 28% to 24% and also announces the abolition of stamp duty relief for those buying more than one dwelling.
• Confirmation of plans to scrap the furnished holiday lets regime.
• Jeremy Hunt confirms widely expected plans for a “vaping products levy” to be paid on imports by manufacturers, specifically on the liquid in vapes. It will be introduced in October 2026.
• Alcohol duty was due to rise by 3% from August but Hunt said it will be frozen until February 2025
• The announment that a new “British Isa”, giving investors a £5,000 extra tax-free allowance to “encourage more people to invest in UK assets”
• The Chancellor announces a consultation on child benefit rules, to apply it to collective household incomes rather than for individuals from April 2026.

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