UK budget: Will extend oil and gas windfall tax and change non-resident tax rules

• “Because the increase in energy prices caused by the Ukraine war is
  expected to last longer, so too will the sector’s windfall profits”
• Reduces the higher rate of property Capital Gains tax from 28% to 24%
• Raises tobacco and vaping tax
• Extends freezes on alcohol duty and fuel duty tax
• After four years, those who continue to live in the UK will pay the same tax as other UK residents
• More healthcare funding
• is keeping the “planned growth in day to day spending at 1% in real terms.”
• new British ISA will give savers an additional £5,000 tax free allowance for UK stocks
• confirms a 2 pp cut to national insurance, from 10% to 8% for employees and 8% to 6% for the self-employed

It’s not exactly a windfall in the oil and gas sector right now but Hunt needs to pay for the Conservative hail mary attempt to stay in power.

I don’t see much here that would move the pound.

This article was written by Adam Button at www.forexlive.com.