As had been trailed in many of the newspapers in the week leading up to the Budget,
the contentious ‘non-dom’ scheme will be scrapped.

Mirroring what has been one of the higher profile policies of the Labour Party, Mr Hunt said the tax breaks for wealthy foreign residents
in the UK will be abolished and replaced with a new scheme.

So-called non-doms are UK residents but not domiciled here for tax purposes.

Mr Hunt said the Government would “introduce a system which is both fairer and remains competitive with other countries.”

“The…

The higher rate of property capital gains tax is to be reduced from 28% to 24%.

The Government said that it had concluded, following a review of costs by the Treasury and the OBR, the change would increase revenues because
there would be more transactions.

However, the lower rate will remain at 18% for any gains that fall within an individual’s basic rate band.

On that point, the official Budget papers stated: “This will encourage landlords and second homeowners to sell their properties, making more
available for a variety of buyers…

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…

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.

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.