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.

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…

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.

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.

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.