The Chancellor delivered both tax cuts and, to a lesser extent, tax rises. The headline 2024/25 tax cut was another two percentage point reduction, after a 2% NI cut in January 2024, in the main rates of NICs for employees and the self-employed with an initial cost of £10 billion. At only about 5% of that outlay, the easing of the thresholds for the HICBC was a welcome and surprise reform.

Our Spring Budget 2024 report covers the tax rises included the abolition of non-domicile taxation from April 2025 and, from the same date, the end of the furnished holiday lets regime. Together, these are projected to yield a little under £3 billion by 2028/29.