Vote-winning announcements are always expected from a Chancellor’s Budget in an election year. Despite the stagnant economy and limited fiscal headroom, Jeremy Hunt still announced a few tax cuts and other surprises.
Spring Budget 2024
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Other matters
Autumn Statement 2022 – Pension triple lock upheld
the Chancellor confirmed that pensions – like benefits – would rise in line with September’s inflation rate of 10.1%.
Autumn Statement 2022 – Vehicle excise duty
Electric vehicles will no longer be exempt from vehicle excise duty from April 2025.
Autumn Statement 2022 – Stamp Duty
Stamp duty cuts remain
Autumn Statement 2022 – Energy bills support
The current energy bill support scheme – the energy price guarantee – only runs until April 2023, with a price guarantee levied to help British taxpayers with their rising bills.
Reversal on emergency budget 2022 – Seed Enterprise Investment Scheme
From April 2023, companies will be able to raise up to £250,000 of Seed Enterprise Investment Scheme (SEIS) investment, a two-thirds increase.
Reversal on emergency budget 2022 – Company Share Option Plan
From April 2023, qualifying companies will be able to issue up to £60,000 of Company Share Option Plan (CSOP) options to employees, twice the current £30,000 limit.
Reversal on emergency budget 2022 – Stamp Duty Land Tax
A number of changes are made to the Stamp Duty Land Tax (SDLT) regime. Generally, the changes increase the amount that a purchaser can pay for residential property before they become liable for SDLT.
Reversal on emergency budget 2022 – VAT free shopping areas and Alcohol duties
The government had announced that it would introduce a modern, digital, VAT-free shopping scheme with the aim of providing a boost to the high street and creating jobs in the retail and tourism sectors. However, this change will not go ahead either.
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