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This last spring Budget before the next general election was always likely to have a political flavour. Against a backdrop of historically high taxes, Jeremy Hunt presented us with some pre-election tax cuts including a 2% reduction in National Insurance and a 4% cut in the rate of capital gains tax on residential property.

Additional tax cutting measures included further support for creative industries with the extension of existing tax reliefs for orchestras, theatres, and museums, and additional help for the film industry. There were also increases to the high-income child benefit charge threshold; the freezing of alcohol duty and the extension of the 5p cut in fuel duty.

These tax cuts are to be paid for partly by the much anticipated abolition of the Non-Dom regime which is expected to raise £2.7bn.  More money is to be provided to HMRC to bolster their debt management capacity which is anticipated to raise significant additional funds.

Other tax raising measures include the abolition of the beneficial tax treatment of furnished holiday lets; the abolition of Stamp Duty Land Tax Multiple Dwellings relief; the extension of the energy profits levy and the introduction of duty on vaping products.


The information in this article was correct at the date it was first published.

However it is of a generic nature and cannot constitute advice. Specific advice should be sought before any action taken.

If you would like to discuss how this applies to you, we would be delighted to talk to you. Please make contact with the author on the details shown below.

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Richard Verge - Tax Director


T: +44 (0)20 7874 8856

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Richard is a personal tax expert and is able to advise high net worth individuals on either immediate tax concerns or a long term plan to ensure that their affairs are structured to take advantage of the tax reliefs available.

His experience from working with HMRC ensures that he is more than adept at understanding the view from the other side, to the benefit of his clients. Richard advises entrepreneurs, owners of family businesses and partners in professional practices and provides advice on planning from both a personal and worklife perspective.

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