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Highlighting VAT, Stamp Duty Land Tax and simplification measures.
After many years of having been frozen, the government will increase the VAT registration threshold from £85,000 to £90,000 and the deregistration threshold from £83,000 to £88,000 from 1 April 2024. The government has stated that these new thresholds will be frozen but has not stated for how long.
A number of changes are made to the Stamp Duty Land Tax (SDLT) regime. These include the following:
The government has announced a package of measures that supports its ambition to simplify and modernise the tax system, which includes the following:
The government has announced an extra £51 million in new funding to bring HMRC's phoneline service back up to the published target of 85% of calls to its advisers being answered.
UK adults face a significant shortfall in their pension savings at retirement compared to what they wanted to retire on, according to research from Standard Life.
The UK economy grew by 0.6% between January and March, according to figures from the Office for National Statistics (ONS).