Key Points
- An expansion to the windfall tax from 25% to 35%
- Freezing personal allowance thresholds until April 2028
- Capital gains tax allowance cut from £12,300 to £6,000
- Freeze inheritance tax nil rate bands until 2027–28
- Revised the energy support package from April 2023
- Dividend allowance will be cut to £1,000
- Electric cars no longer exempt from vehicle excise duty
- Freeze employers’ NI threshold until April 2028
- VAT threshold maintained until March 2026
- R&D relief for SMEs cut to 86% and the credit rate to 10%
- SDLT cut will remain only until March 2025
- Increasing the national living wage for 23-year-olds and over to £10.42.