Tax Cuts in the Budget
Guido spotted a few welcome if modest tax cuts in the budget:
- Stamp Duty cut worth up to £5,000 to first time buyers
- Personal allowance will rise to £11,850 tax free
- The higher rate threshold will rise to £46,350*
- Tax break for transfers of North Sea oil and gas fields
- Increase in the business R & D tax credit to 12%
A couple of freezes:
- Fuel duty frozen again this year
- Froze air passenger duty
- Beer duty frozen
- No new tax levies for renewables until 2025 at least
*Given the Scottish higher rate of tax kicks in at £43,000 canny Scots who file their tax returns in England will save themselves a few quid.
Have co-conspirators spotted any more cuts?