THE SPRING BUDGET

The most notable policy change was the widely expected 2p reduction in National insurance contributions, which should save working people an average of £450 per annum. The Statement also mentioned several measures to support people with the cost-of-living crisis. However, for those with interests in property, the most significant new developments included:

• the abolition of stamp duty relief for those buying more than one home,

• the abolition of tax breaks previously available through the Furnished Holiday Lettings scheme, and

• a reduction in the higher rate of property capital gains tax – from 28% to 24%.