Anticipated to yield savings of approximately £450 per annum for the average worker, this reduction amplifies to £900 when coupled with a similar decrease declared last autumn. Funding for this tax cut will be derived from a combination of increased taxes in various sectors, including business class airfares, short-term holiday let owners, vapes, and tobacco.

Conversely, certain taxes such as fuel duty and alcohol duty remain unchanged, while the threshold disqualifying parents from receiving child benefit has been elevated. The introduction of "British Isas" promises an additional £5,000 tax-free allowance for savings invested in UK companies.

Amidst challenges faced by landlords, there is a glimmer of relief as the higher rate of capital gains tax on residential property is set to decrease from 28% to 24%. Summing up Jeremy Hunt's address, here are the key points:

Tax Cuts:

• National Insurance reduced by 2p
• Child benefit threshold raised from £50,000 to £60,000
• Capital gains tax on property reduced
• Tax relief for savers in the new 'British Isa'
• Fuel duty and alcohol duty remain unchanged
• More 'expensing' relief for businesses

Tax Rises:

• Removal of tax perks for holiday lets
• Stamp duty increase on multiple purchases
• Tax implications for non-domiciled individuals
• Duties on vapes and tobacco from October 2026
• Higher duty on business class airfares
• Extension of oil and gas windfall tax