<\/p>\n
View the flipbook here<\/a><\/p>\n 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<\/a> and a 4% cut in the rate of capital gains tax on residential property<\/a>.<\/p>\n Additional tax cutting measures included further support for creative industries with the extension of existing tax reliefs<\/a> 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.<\/p>\n These tax cuts are to be paid for partly by the much anticipated abolition of the Non-Dom regime<\/a> which is expected to raise \u00a32.7bn. \u00a0More money is to be provided to HMRC to bolster their debt management capacity which is anticipated to raise significant additional funds.<\/p>\n 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<\/a>; the extension of the energy profits levy and the introduction of duty on vaping products.<\/p>\n","protected":false},"excerpt":{"rendered":" View the flipbook here 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[…] <\/p>\n