The Chancellor will be making the announcement today (Picture@ Getty / metro.co.uk)
Chancellor Jeremy Hunt is delivering the Spring Budget for 2024 today, revealing to millions across the UK how their finances are expected to change.
In the government’s latest round of financial promises, the chancellor said the budget will help families with ‘permanent’ tax cuts.
National Insurance has been cut by 2p for 27 million workers as Mr Hunt pledges to ‘make work pay’.
Fuel duty is expected to be frozen for the 14th year in a row, and a 5p-per-litre cut which was expected to end this month has also been extended.
The removal of tax breaks for second-home owners who rent out their properties as holiday rentals will help fund the tax cuts.
A windfall tax which was introduced to oil and gas companies after firms made soaring profits from high energy bills is also set to be extended.
‘Non-dom’ tax statuses may also be scrapped by the government.
This allowed foreign nationals who live in the UK but are officially domiciled overseas to avoid paying UK tax on overseas income.
A UK-wide ban on disposable vapes has also been announced, with a new tax on vaping products being considered as well.