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