Chancellor Jeremy Hunt extended a freeze to alcohol duty, cut the National Insurance rate again and promised to increase the Child Benefit tax threshold for the first time in 11 years in today's Spring Budget 2024.
Mr Hunt also announced the Government would reform the non-dom tax status rules and scrap tax breaks which make it more profitable for landlords to let out their properties to holidaymakers rather than long-term tenants.
Many will no doubt be wondering how today's announcements will affect them, which is why GB News has teamed up with tax and advisory firm Blick Rothenberg, providing a free online Spring Budget calculator.
Simply fill out the relevant fields in the tool below, and find out whether you'll be better off or not.
Can't see the Spring Budget 2024 tax calculator? Click this link instead.
How will today's Spring Budget announcements affect you? If you'd like to share your views, email us at money@gbnews.uk.
While an additional tax-free allowance via the British ISA has been welcomed by several financial commentators, Mr Hunt has been criticised for not announcing Lifetime ISA withdrawal rules.
Meanwhile, pensioners, who don't pay National Insurance after reaching state pension age, have hit out at the Chancellor's decision to cut the National Insurance rate rather than income tax - meaning they won't benefit from the cut but could still be dragged into paying income tax due to the ongoing personal allowance freeze.
Robert Salter, a technical director at Blick Rothenberg, said the National Insurance rate cut today, combined with a cut earlier this year, could potentially save someone earning £50,000 per year around £1,500 per year.
"For working-age Britons, it's generally a win," he said, in an exclusive video for GB News.
He explained people on lower wages will see smaller savings, and warned some won't benefit at all.
Mr Salter said: "For pensioners and those living off investment income, who don't pay National Insurance, they will not get any benefit from this.
"That's the difference between having a tax cut and a National Insurance cut."
Mr Salter warned more people will still find their tax burden increasing, due to the freeze to income tax bands until 2028.
He said: "Whilst he has reduced National Insurance, and that's welcome, the reality is, other parts of the tax system have not changed."
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Chancellor Jeremy Hunt delivered his Spring Budget in the House of Commons today
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Mr Salter added: "Whilst he has reduced National Insurance, and that's welcome, the reality is, other parts of the tax system have not changed.
"There has been no change to things like the personal tax allowance, for example, and other income tax bands.
"So people getting just a wee bit more income each year are being drawn into higher and higher rates of tax.
"Overall, something called fiscal drag is still actually punishing a lot of people."
