PARENTS, workers and drinkers are among the winners in today's Spring Budget - with smokers hit.
The Chancellor has revealed a whole host of financial changes and updates affecting Brits in his speech in the Commons today.
In his second Spring Budget since becoming Chancellor, Jeremy Hunt set out the government's financial plan for the year including payments, tax hikes and policy updates.
A number of policies were announced during the Autumn Statement in November such as the triple lock being maintained and benefits being uprated to match inflation.
But, today Mr Hunt has unveiled further support for households, including tax cuts and a further freeze on fuel duty.
Some people will be happy while others may feel they have missed out.
READ MORE ON THE BUDGET
Below we round up the winners and losers from the Budget.
Spring Budget at a glance
- Fuel duty will be frozen and the 5p cut extended for a year
- Alcohol duty will be frozen until February next year
- National insurance was cut by an additional 2p
- An extension of the Household Support Fund for the fifth time
- Households on Universal Credit will get an extra year to repay emergency loans from the Government
- A new tax on vapes, which will cause prices to rise
- A one-off new tax on fags to ensure they are more expensive than the electronic alternative
- The high income child benefit charge was raised from £50,000 to £60,000
Winners
Drinkers
Drinkers will be raising a glass to Jeremy Hunt after he announced a freeze on alcohol taxes until February next year.
The Chancellor opted to hold booze duties at their current rate rather than increase them with inflation.
Alcohol duty typically goes up in line with inflation each year, but last year it was frozen until 2025.
The announcement marks a major win for The Sun's Save Our Sups campaign to help both bosses and punters.
Parents
In his giveaway Spring Budget, Chancellor Jeremy Hunt outlined reforms to high-income child benefit in a major boost for parents.
From April the high-income child benefit charge threshold will be rising from £50,000 to £60,000.
As it stands, when parents or carers start earning over £50,000, they have to start paying the high-income child benefit charge.
This means you have to pay back 1% of your child benefit for every £100 of income earned over the £50,000 threshold.
But in April this will be upped to £60,000 instead.
Currently, when you reach a £60,000 salary, you have to repay the full amount of child benefit received.
From April, though, The Chancellor announced this cap will go up to £80,000 to ensure fewer parents are caught out.
It means hundreds of thousands of parents will save an average of £1,260 next year.
Workers
MORE than 27million workers are in line for a £450 wage boost thanks to a fresh National Insurance cut.
The 2p reduction has been confirmed by The Chancellor in today's Spring Budget and will come into effect in just weeks.
The change means that someone earning an average salary of £35,000 will save more than £448.60 a year.
This increases to a maximum of around £750 for those on salaries above £50,000.
The legislation is being brought in next week to enable the cut to come in from April 6 - the start of the next tax year.
Hard-up households
Millions of hard-up households will get extra help from the extension of a huge free cash fund later this year.
Chancellor Jeremy Hunt has extended the Household Support Fund (HSF) for the fifth time - adding a further £500million to the pot.
Funding for the fourth round of the HSF was due to dry up for good on March 31.
However, the new support will now extend the HSF scheme for another six months.
Drivers
Fuel duty has been frozen for a 14th historic year in a massive win for drivers and The Sun's Keep It Down campaign.
Chancellor Jeremy Hunt used today's Budget to stop petrol prices rising with inflation, while also extending the temporary 5p cut.
Hailing The Sun's campaign in his Budget speech, Mr Hunt said the move will save motorists an average of £50 next year.
What is the Budget?
THE Budget is big news and where you'll often hear announcements about taxes. But what exactly is it?
The Budget is when the Government outlines its plans for the economy including taxation and spending.
The Chancellor of the Exchequer delivers a speech in the House of Commons and announces plans for things like tax hikes, cuts, and changes to Universal Credit and the minimum wage.
At the same time, the Office for Budget Responsibility (OBR) publishes an independent analysis of the UK economy.
Usually, the Budget is a once-a-year event and usually takes place in the Autumn, with a smaller update known as the Spring Statement.
But there have been exceptions in recent years when there have been more updates, or the announcements have taken place at different times, for example during the pandemic or when there is a General Election.
On the day of the Budget, usually a Wednesday, the Chancellor is photographed outside No 11 Downing Street with the red box.
He then heads to the House of Commons to deliver his speech, at around 12.30 following Prime Minister's Questions (PMQs).
Changes announced in the Budget are sometimes implemented the same day, while others may not have a set date.
For example, a change to tobacco duty usually happens on the same day, pushing up the price of cigarettes.
Some tax changes are set to come in at the start of a new tax year, which is April 6.
Other changes may need to pass through Parliament before coming into law.
Losers
Smokers
The cost of a packet of cigarettes will top £16 after today's Budget.
The Treasury imposed a dramatic increase in tobacco duty to ensure a tax on vapes keeps smoking alternatives cheaper.
Last year Jeremy Hunt added £1.55 to a pack of 20 cigarettes.
The average cost of a 20-pack is currently £14.39 - making Britain one of the most expensive places to smoke in Europe.
But now prices are set to rise to an eye-watering £16 following a one-off increase of £2 per 100 cigarettes or 50 grams of tobacco.
Vapers
Vape prices are set to rise after Jeremy Hunt whacked a new tax on e-cigs in today's Spring Budget.
The tax will be imposed on imported e-cigs and manufacturers to make them unaffordable for kids.
It comes after a ban on disposable vapes was announced earlier this year as part of a clampdown.
The duty will apply to the liquid in vapes, with higher levels for products with more nicotine.
Second-home owners
The Chancellor has abolished multiple dwellings relief for stamp duty land tax.
Among a raft of property tax reforms, Jeremy Hunt said stamp duty relief for people who purchase more than one dwelling in a single transaction was intended to support investment in the private rental sector.
However, an external evaluation found “no strong evidence that it had done so and that it was being regularly abused” and as a result, The Chancellor announced that he would abolish the relief.
Non-doms
The special tax status for non-domiciled individuals in the UK, which allows them to pay tax on only their UK earnings, will be abolished.
It will be replaced with a simpler system from April 2025, which Mr Hunt said would be more generous for the first four years, with non-doms having to pay more tax after that point.
This is expected to raise £2.7billion a year in taxes and will be used to help cut taxes for households.
Business class passengers
Mr Hunt announced higher rates of air passenger duty on business class tickets.
Jeremy Hunt said he would make a "one-off adjustment" to rates of Air Passenger Duty (APD) on "non-economy flights, only to account for high inflation in recent years".
First-time buyers
Opportunities to do more to help first-time buyers were missed in the Budget.
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Previous reports had suggested that a 99% mortgage scheme to help people take their first step on the property ladder was being considered.
There had also been calls to overhaul Lifetime Isas, which some people use to save up for their first home.
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