As part of these efforts, the increased threshold to Stamp Duty Land Tax (SDLT) will be phased out by March 31, 2025.
In September 2022, the nil-rate of SDLT was raised to £250,000 for all residential property purchasers in England and Northern Ireland. Furthermore, the nil-rate threshold for first-time buyers was increased from £300,000 to £425,000.
Addressing the energy crisis, the Energy Price Guarantee, which caps typical energy bills at £2,500, will continue to offer support from April 2023, with the cap increasing to £3,000.
Over eight million households on means-tested benefits will receive a cost-of-living payment of £900 in instalments, with pensioners receiving £300 and those on disability benefits receiving £150.
For commercial property, a £13.6 billion support package has been allocated for business rates payers in England. To protect businesses from rising inflation, the multiplier will be frozen in 2023-24. Relief for 230,000 businesses in the retail, hospitality, and leisure sectors has been increased from 50% to 75% in 2023.
To help businesses adjust to the property revaluation, a £1.6 billion Transitional Relief scheme will cap bill increases for those facing higher bills, with the smallest properties seeing an increase limited to 5%.
Small businesses losing eligibility for Small Business or Rural Rate Relief due to revaluations will have their bill increases capped at £50 per month through a separate scheme worth over £500 million.
Income-related measures include a 10.1% rise in working age benefits, and the Triple Lock on pensions will be upheld, ensuring pensioners receive an increase in the State Pension and Pension Credit in line with inflation. The National Living Wage will also increase by 9.7% to £10.42 per hour.
To support housing, the UK Government will limit rent increases for people in social housing in England, capping the rise at a maximum of 7% in 2023-2024. Homeowners on Universal Credit will be able to apply for Support for Mortgage Interest loans after three months instead of nine months, starting in Spring 2023.
In the realm of taxable allowances, the threshold at which higher earners pay the 45p rate will be reduced from £150,000 to £125,140, while Income Tax, Inheritance Tax, and National Insurance thresholds will be frozen until April 2028.
The Dividend Allowance will be reduced from £2,000 to £1,000 next year and further to £500 from April 2024. The Annual Exempt Amount in capital gains tax will be reduced from £12,300 to £6,000 next year and then to £3,000 from April 2024. Employer National Insurance contributions will have a fixed threshold until April 2028, but the Employment Allowance will continue to exempt 40% of businesses from paying any NICS.
Corporation Tax will still increase to 25% from April 2023, and electric vehicles will no longer be exempt from Vehicle Excise Duty starting April 2025.
An Energy Efficiency Task Force has been established with a long-term commitment to drive improvements in energy efficiency, aiming to reduce the UK's final energy consumption from buildings and industry by 15% by 2030 compared to 2021 levels.
The UK Government will provide new funding worth £6 billion from 2025 to 2028 in addition to the £6.6 billion already pledged to support energy efficiency initiatives across the economy.