The most notable change sees National Insurance contributions for employees decreasing from 10% to 8%, resulting in average annual savings of around £450 for approximately 27 million workers nationwide. Self-employed individuals will also benefit from a 2% decrease in National Insurance rates.

Paula Fraser, AAB’s business unit head – private client, also highlighted that “the Chancellor announced adjustments to the High Income Child Benefit Charge, whereby the threshold will rise from £50,000 to £60,000 from April 2024, providing additional relief for families.”

Commenting on property taxes, Ms Fraser said the government aims “to stimulate investment and economic growth” by reducing “the higher rate of property capital gains tax on residential properties from 28% to 24%”, explaining that “this aims to incentivise owners to sell second homes or buy-to-let properties by lowering the rate of tax, generating more transactions in the property market to help those wanting to move or get onto the property ladder”.

She added: “However, in another bid to address concerns regarding housing availability for long-term rentals, particularly for local residents, the tax breaks surrounding the furnished holiday lettings regime are being abolished.”

Alex Docherty, partner and head of private client tax at Johnston Carmichael, stated it “was no surprise” the Budget focused on individuals with an election looming. She elaborated on the child benefit changes, saying “the earnings threshold will be increased to £60,000 and individuals can earn up to £80,000 before child benefit is lost entirely.”

Regarding property, Ms Docherty said reforms to furnished holiday lets “may be met with hope” by voters struggling to get on the property ladder, but those “with second homes or businesses operating portfolios of units are likely to view the reforms with concern.”

The “non-dom” regime abolition, as Ms Docherty explained, means “a new system will be introduced for individuals moving to the UK” with “a four-year period during which their foreign income and gains will not be subject to UK tax.”

Susie Walker, Johnston Carmichael’s partner and head of tax, felt the Budget lacked “incentives for the corporate world”.

She said: “There was no mention of initiatives to encourage investment into startups, such as the Enterprise Investment Scheme, and nothing to encourage big corporates to invest. Other than the extension of the levy on oil and gas profits, it was a Budget for those with a vote.

“The death of Furnished Holiday Lettings, which enabled short term let operators to offset some of their costs, will be unpopular with those who operate tourist businesses and are still recovering from the impact of Covid. It could also have a significant impact on diversified farming businesses.

“Incorporating freezes on fuel duty and alcohol duty, it was a Budget for the employee and not the shareholder.”

Kevin Brown, savings specialist at Scottish Friendly, commented: “A cut to income tax would have had a bigger impact on those households overall but it seems that would be difficult to fund without swingeing cuts to public services.

“Those services are already under pressure and that makes it a tougher sell to the UK electorate, especially in an election year. Therefore, the Chancellor has opted for the cheaper option of the two.”

However, he welcomed the new £5,000 tax-free allowance to invest in the UK. He said: “It’s encouraging to see that the Chancellor chose to announce in his budget an extension to the ISA allowance, in the form of an extra £5,000 tax-free to invest exclusively into the UK.

“Saving and investing is increasingly important for people that are trying to martial their stretched resources through the current economic turbulence.

“Providing further incentives to help households prepare for any future financial shocks via saving and therefore to be more financially robust over the long-term is crucial and it’s pleasing there is a commitment to that today.”