Winners and losers from council tax to energy bills

Income tax and national insurance

- 

Income tax and national insurance thresholds will be frozen for another three years from 2028, continuing a freeze implemented by the previous government. This will bring more people into higher tax bands.

Reeves admits this decision will "affect working people" but says changes to the tax system will ensure the wealthiest contribute the most.

Headline rates of income tax, VAT and national insurance will not go up, which Reeves says means Labour has kept its manifesto pledge not to raise taxes on working people.

Property and council tax

The basic and higher rates of tax on property, dividend and savings income will go up by 2 percentage points each.

From April 2028 there will be a high-value council tax surcharge - AKA the "mansion tax" - for properties worth more than £2m, of £2,500 a year, rising to £7,500 for properties worth more than £5m.

Pensions

From April 2029, there will be a £2,000 cap on the amount that can be put into a pension and shielded from employer and employee national insurance contributions through salary sacrifice.

Contributions above that level will be taxed in the same way as other employee pension contributions. Removing tax benefits from salary-sacrifice pension schemes is forecast to raise £4.7bn in extra national insurance contributions, the OBR says.

Isa reform

From 6 April 2027 the annual Isa cash limit will be set at £12,000, down from £20,000.

Energy bills

The energy company obligation (ECO) scheme - a home insulation scheme introduced by the Conservatives will be scrapped, Reeves says. She says £150 will come off bills next year as a result.

Two-child benefit limit

"The biggest barrier to equal opportunity is child poverty," says Reeves, as she abolishes the two-child limit for universal credit and tax credit, costing the Treasury £3bn by 2029-30.