BUDGET MARCH 2022
A brief summary of some of the main points in yesterday’s budget.
- National Insurance Threshold and Lower Profits Limit raised £12,570, from July 2022.
- Fuel Duty cut by 5p per litre
- O% VAT for Green Initiatives – it is not yet clear if landlords will be able to benefit from this when making improvements to properties to achieve EPC Grade E as currently required or Grace C as predicted.
These measures include:
- insulation for walls, floors, ceilings, roofs or lofts or for water tanks, pipes or other plumbing fittings
- draught stripping for windows and doors
- central heating system controls (including thermostatic radiator valves)
- hot water system controls
- solar panels
- wind turbines
- water turbines
- ground source heat pumps
- air source heat pumps
- micro combined heat and power units
- boilers designed to be fuelled solely by wood, straw or similar vegetal matter
This is alongside an increase in ECO funding from the energy producers.
- Household Support Fund – an extra £500million funding to local authorities from April 2022
- Employment Allowance to increase from April 2022
- Intention to cut and reform business taxes.
- Intention to reduce the basic rate of income tax to 19% from April 2024 together with reforms to the tax system.
- Intention to assess the Apprenticeship Levy
No changes in benefits including for Pensioners or those on Universal Credit