With huge rises in utility bills in recent months and more forecast to come, the Chancellor of the Exchequer used his Spring Statement to reduce the cost of energy-saving materials aimed at making homes more energy efficient.
Rishi Sunak reduced tax on solar panels, insulation and heat pumps from five per cent to zero, a saving which will be in place for the next five years. Mr. Sunak said this equates to tax savings of £1,000 for a family having solar panels installed, resulting in a saving of £300 a year on their energy bills.
With net zero targets looming on the horizon, the move is welcome, although some critics say that given the soaring cost of living it doesn’t go far enough. The cost of purchasing and installing eco-materials remains high so homeowners will need to have significant funds available in the first instance to pay for these.
Spring Statement
Other measures announced in the Spring Statement included tax changes and duty cuts, increasing the threshold at which people start paying National Insurance by £3,000 to £12,570. The Chancellor also said he would cut basic rate income tax from 20 per cent to 19 per cent from 2024. Fuel duty will also be cut by 5p a liter.
With inflation rising to a 30-year high of 6.2 per cent in February and property prices continuing to edge upwards. According to the latest house price index from the ONS and Land Registry. It is more important than ever that those looking for a mortgage seek advice. Nobody wants to pay more than necessary for their mortgage. Which is likely to be most people’s biggest outgoing. So it’s important to shop around for the best deal.
Refinancing
This is where AWS Private Finance comes in. We are whole-of-market brokers who scour the entire market on your behalf, finding the right deal for your circumstances, whether you are taking out a new mortgage or refinancing. We have particular experience in arranging large loans for contractors, the self-employed and professionals such as doctors, accountants and lawyers. Please get in touch for more information.
