Uncategorised

Please find below all the articles that have been categorised as 'Uncategorised'.

Chancellor takes ‘further steps’ on Full Expensing

Thursday, March 7, 2024

In a move he described as a tax cut for businesses, Mr Hunt confirmed the Government will introduce permanent
Full Expensing. He said it was worth £10bn a year for companies.

A capital allowance tax scheme, the move enables businesses to write off 100% of the cost of investment on qualifying items such as new or improved technology, equipment,
machinery or buildings.

Having announced it as a temporary measure in March 2023, the Treasury will shortly publish draft legislation for Full Expensing to apply to leased assets. This will be…

Furnished Holiday Lettings regime scrapped

Thursday, March 7, 2024

Tax breaks for second homeowners letting to holiday makers are to be axed.
The Furnished Holiday Lettings regime is to be disbanded, Mr Hunt revealed. Currently, the tax breaks make it more profitable for second
homeowners to let out their properties to holiday makers rather than to residential tenants to rent, raising concerns over the availability
of long-term rental housing for local people. Multiple Dwellings Relief is also being abolished.

Oil companies windfall tax extended

Thursday, March 7, 2024

The UK’s windfall tax on the profits of oil and gas companies will be extended to 2029.
Officially titled The Energy Profits Levy, it was introduced in 2022 to ensure that oil and gas producers in the UK “pay their fair share of tax from
extraordinary profits”. The Government said the extension was motivated by the forecasts of gas prices to “remain abnormally high until at least 2028-29”.
Mr Hunt told MPs it would raise a further £1.5bn.

Raising child benefit threshold

Thursday, March 7, 2024

The Chancellor revealed the High Income Child Benefit Charge (HICBC) threshold will rise.
Instead of kicking in at £50,000, from April 2024 it will move up to £60,000.

And a consultation is set to get underway on moving the charge to a household-based system in time to start by April 2026.

The Government said there was an unfairness in the current system – the fact it’s charged on an individual basis. The example it gave was
two parents earning £49,000 each (with a household income of £98,000) wouldn’t reach the…

Childcare support expanded

Thursday, March 7, 2024

Further information was set out on plans to extend the 30-hour free childcare offer to all children
of working parents from 9 months. Mr Hunt gave more details today, saying he would be guaranteeing rates paid to childcare providers. The impact of the plans
overall will mean an extra 60,000 parents entering the workforce in the next four years, Mr Hunt said.

Fuel duty freeze extended

Thursday, March 7, 2024

A 5p cut to fuel duty will be maintained – with a freeze extended for
another 12 months until February 2025. Mr Hunt said this will save the average motorist around £50 next year. It will also “bring total
savings since the 5p cut was introduced to around £250”, Mr Hunt added.

Alcohol duty frozen until next year

Thursday, March 7, 2024

The Government will freeze alcohol duty from 1 August 2024 until 1
February 2025, lengthening the six-month freeze announced at Autumn Statement 2023, with the intention to “support the hospitality
sector and help consumers with the cost of living”.

Pension pots for life

Thursday, March 7, 2024

There was a brief mention for the idea of giving people one ‘pension pot for life’.
The Chancellor said the Government will continue to explore previously trailed plans, with a consultation already underway.

The reforms would give workers the right to nominate the pension scheme they want their employer to pay into, which it’s claimed could help
solve the problem of lost pension pots as workers move jobs. He announced the plan in the Autumn Statement.

Tax credits for film industry to rise

Thursday, March 7, 2024

Some film studios are set to benefit from 40% gross business rates relief until 2034.
The UK has become “Europe’s largest film and TV production centre”, Mr Hunt said, before announcing the rate of tax credit available to the
industry will rise by 5%. Furthermore, an 80% cap for visual effects costs will be removed.

Orchestras, museums, galleries and theatres will also benefit from a permanent 45% tax relief for touring productions and 40% relief for non-touring
productions. The UK’s creative industries will be backed by over £1 billion…

Research and Development funding

Thursday, March 7, 2024

The Budget includes an additional £45 million to “accelerate medical research”
into common diseases like cancer, dementia and epilepsy. It’s part of a £360 million package to support innovative R&D and manufacturing
projects across the life sciences, automotive and aerospace sectors.

The Green Industries Growth Accelerator will be allocated an extra £120 million to build supply chains for offshore wind and carbon capture and
storage, officials added.