Here’s a recap of the chancellor’s major announcements:

  • National Insurance was cut for workers by another 2p, from 10% to 8% – having already fallen by 2p in last year’s Autumn Statement
  • The earnings threshold for child benefit was raised to £60,000, from £50,000
  • The windfall tax on the profits of oil and gas companies was extended until 2029, while capital gains tax was reduced for the higher rate of property from 28% to 24%
  • And the non-dom tax break, claimed by wealthy foreign residents in the UK, was abolished – but new arrivals will still not pay tax on foreign income and gains for their first four years of UK residency
  • The Household Support Fund for families in England was extended for six months, falling short of charities’ hopes of a two-year extension
  • Alcohol duty was frozen and the 5p cut in fuel duty was extended
  • The chancellor announced a new British ISA to encourage more people to invest in UK assets
  • The VAT threshold for small businesses was increased, from £85,000 to £90,000
  • And there will be new taxes on vapes, and higher taxes for business class flights

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