Expected Duty Rises On Vapes/Tobacco/Flights, Higher Rate CGT On Houses Cut

Chancellor Jeremy Hunt delivering Budget statement:

• In widely-expected measures, Hunt announces a tax on vaping products from October 2026, an increase in tobacco duty.
• Also increases Air Passenger Duty on business and first class flights.
• Increased resources for HMRC: "I will provide HMRC with the resources they need to ensure everyone pays the tax they owe leading to an increase in revenue collected of over £4.5bn across the forecast period."
• Hunt has abolished the "Furnished Holiday Lettings regime."This is hoped to reduce rental costs / house prices in tourist hotspots and encourage some owning holiday homes to sell up / switch to long-term rentals- increasing housing supply.
• Capital gains tax for the higher rate residential property reduced from 28% to 24%. Which is said to increase revenue by increasing property sales.