The new fiscal outline included a so-called ‘mansion tax’ — a new annual charge of £2,500 on properties worth over £2m and £7,500 on those over £5m.
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Other key points of the Budget include:
· a cut in business rates for 750,000 retail, hospitality, retail and leisure properties, to be funded by increases on premises valued over £500,000
· tax increases on property, dividend and savings income, up by two percentage points in a bid to raise £2.2bn in 2029-30
· National Insurance payments on salary-sacrifice pension contributions above £2,000; this will come into effect in 2029
· capital gains tax relief cut from 100% to 50% for business sales to ownership trusts
· full funding for under-25 SME apprenticeships
· a three-year exemption from stamp duty reserve tax for companies listing in the UK, with the chancellor claiming “if you build it here, Britain will back you”
· removal of access to Class 2 VNICs for individuals abroad and an increase in the initial residency or contributions requirement to 10 years
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