In his final Autumn Statement before the 2105 General Election, Chancellor George Osborne announced a raft of measures which would have been music to the ears of some and painful for others.
House buyers were given a boost with reductions on stamp duty while local authorities are facing yet more years of cuts to their budgets from central government.
Below is a summary of the key points raised during yesterday's Autumn Statement:
TAX
鈼 Reform of residential property stamp duty
鈼 海角视频's net payments to European Union to fall by about 拢1 billion this year and next year and decline in real terms over the next five years
鈼 Inheritance tax exemption extended to cover aid workers who die dealing with humanitarian emergencies
鈼 Hospice charities, search and rescue and air ambulance to be granted VAT refunds
鈼 Changes to rules on bank profit offsets to raise almost 拢4 billion
鈼 Clampdown on aggressive tax avoidance to raise 拢2.8 billion
鈼 Charge for non-domestic tax status to rise to 拢60,000 a year for those resident for 12 of the last 14 years and 拢90,000 for those in the country for 17 of 20 years
鈼 Air passenger duty for children under 12 abolished in May 2015 and for under 16s in 2016
鈼 People who die under 75 to be enabled to pass on annuities tax free
鈼 Limit on saving in New ISAs to rise to 拢15,240 and ISAs to be inherited tax free
鈼 National Insurance on young apprentices to be abolished
鈼 Income tax free personal allowance to rise to 拢10,600 rather than the planned 拢10,500 next year, giving wage boost of 拢825 a year
鈼 Higher rate income tax threshold to rise to 拢42,385 next year
ECONOMY
鈼 Office for Budget Responsibility (OBR) GDP growth forecast for this year is three per cent, then 2.4 per cent in 2015, 2.2 per cent in 2016, then 2.4 per cent, 2.3 per cent and 2.3 per cent in subsequent years
鈼 OBR revises down inflation forecast "significantly" to 1.5 per cent this year, 1.2 per cent next year and 1.7 per cent the year after
鈼 OBR forecasts deficit to fall from 拢97.5 billion last year to 拢91.3 billion this year
BUSINESS AND EDUCATION
鈼 Expansion of British Business Bank, extension for a further year in the Funding for Lending scheme for smaller firms and new tax break for orchestras and children's television tax credit
鈼 R&D tax credit increased for small and medium companies to 23 per cent and for large firms to 11 per cent, while small business rate relief is doubled for another year
鈼 Inflation-linked increase in business rates capped at two per cent and discount for shops, pubs and caf茅s increased by 50 per cent to 拢1,500
鈼 Government-backed loans of up to 拢10,000 made available for all students undertaking postgraduate masters degrees
INVESTMENT
鈼 Additional 拢2 billion every year for the frontline of the NHS and a 拢1.2 billion investment in GP services paid for from foreign exchange fines
鈼 Employment Allowance of 拢2,000 to be extended to carers
鈼 New sovereign wealth fund to invest proceeds from shale gas resources in the north, in the north of England
PENSIONS AND EFFICIENCIES
鈼 Public sector pay restraint in the next Parliament to deliver savings "commensurate" with the 拢12 billion achieved over the past four years
鈼 Commitment to complete public service pension reforms, saving 拢1.3 billion a year
鈼 Plan published for a further 拢10 billion of Whitehall efficiencies
鈼 Universal Credit work allowances to be frozen for a further year
鈼 Total welfare spending set to be 拢1 billion lower than Budget forecast and to continue falling as share of GDP
