Spring Budget Key Facts Video from The Openwork Partnership on Vimeo.

 

• £1m for a memorial for Muslims who died in the two world wars.
• The payment period for advance loans for those on Universal Credit extended from 12 months to 24 months.
• The £90 charge for a Debt Relief Order will be abolished.
• Alcohol duty freeze extended until February 2025.
• The temporary 5p cut in fuel duty rates extended for a further 12 months.
• The Household Support Fund has been extended by £500m to help vulnerable people get help with the cost of essentials like food and energy.
• The Recovery Loan Scheme will be extended and renamed the Growth Guarantee Scheme to help SMEs access funding.
• The VAT registration threshold will be increased from £85,000 to £90,000.
• Full expensing for businesses will be extended to leased assets.
• Investment Zones in the North of England and Midlands will be launched with a 10-year package of investment.
  
• The Chancellor has announced the British ISA which will allow people to invest an extra £5,000 tax free a year in UK assets.
• £26.4m of funding for the National Theatre to ensure productions can continue.
• £1bn in additional tax relief for creative industries over the next five years to support films, theatres, galleries and orchestras.
• The plan to increase future public spending by 1% will be maintained.
• Defence spending will go up to 2.5% of GDP when economic circumstances allow.
• NHS productivity to be improved with a £3.4bn investment. Plus there will be an extra £2.5bn in day-to-day funding.
• There will be a new tax on vapes and a one-off increase in tobacco duties.
• The Furnished Holiday Lettings Relief will be abolished.
• Multiple Dwellings Relief will be abolished.
• Air Passenger Duty (APD) for non-economy flight tickets increased.
• The higher rate of property Capital Gains Tax will be reduced from 28% to 24%.
• Multiple Dwellings Stamp Duty Relief will be abolished.
• The Windfall Tax on energy companies will be extended for an additional year until 2029.
• The Non-Dom regime will be abolished. Under the new scheme anyone who has been a tax resident in the UK for more than four years will pay UK tax on their income and gains.
• The High Income Child Benefit Charge will be based on household income rather than individual earnings. The threshold at which parents start paying the High Income Child Benefit Charge will be raised from £50,000 to £60,000.
• Chancellor Jeremy Hunt has used his final budget before the General Election to announce a 2p cut to National Insurance.
• The main rate of National Insurance contributions for the self-employed will be reduced from 8% to 6%.
• £26m will be provided to the Office for Veterans' Affairs to host the Invictus Games in 2027.