Here are the key points from yesterday’s statement from the Chancellor:
The threshold for the top 45% additional rate of income tax was cut to £125,140 from £150,000.
The thresholds on the Income Tax personal allowance, Income Tax higher rate, basic National Insurance and Inheritance Tax (IHT) were froze for a further two years until April 2028.
The Dividend Allowance will be reduced from £2,000 to £1,000 next year and £500 from April 2024.
In addition, the Capital Gains tax exemption will be reduced from £12,300 to £6,000 next year and then to £3,000 from April 2024.
The Chancellor confirmed that the Energy Price Guarantee will be extended for a year from April 2023. However, the level at which typical bills are capped will increase to £3,000 a year from £2,500.
The windfall tax on the profits of oil and gas firms was increased from 25% to 35% and extended until March 2028.
The Chancellor also announced a £13.6 billion package of support for business rates payers in England. To protect businesses from rising inflation, the multiplier will be frozen in 2023/24, while relief for 230,000 businesses in the retail, hospitality and leisure sectors was also increased from 50% to 75% next year.
The National Living Wage (NLW) will rise from £9.50 to £10.42 an hour, while the triple lock on state pensions was protected.