The Chancellor's budget speech today promised a budget for "working people".

Here is a summary of the key announcements.

Income Tax and National Insurance

• There were no changes announced to the main rates of income tax or national insurance.
• Income tax rates on rental profits and savings income were due to be increased by 2% from April 2027, instead this will now be an increase of 4%. Rental profits and savings income tax rates will now be 24%, 44% and 49% from April 2027.
• Dividend income tax rates remain unchanged at 10.5%, 35.75% and 39.35%.
• Trading allowance will be increased to £3,000. The rental income allowance remains at £1,000.

Payments on account for income tax 

• Self-assessment tax payments on account which are currently paid in January and July will be paid “more regularly” from April 2029. Full details will be announced next year.

Pension Tax Allowance

• A new Pension Tax Allowance will be introduced to ensure that pensioners whose total income is up to the value of the full new state pension will not have to pay tax on the excess once the state pension exceeds the tax-free personal allowance.

Corporation Tax

• There were no changes announced to the main rates of corporation tax, with the main rate staying at 25% and the small profits rate at 19%.

Entrepreneurs & Founders

• A new CGT Founders’ Relief will be introduced from April 2027 for qualifying founders of high-growth innovative companies. The relief will provide a 10% CGT rate on the £10m lifetime gains.
• The lifetime limit for Business Asset Disposal Relief will be reduced from £1m to £500,000 on disposals from 6 April 2027.
• The total investment by the British Business Bank into women-led businesses will be doubled to £200m.

Business Administration

• Compulsory e-invoicing for VAT invoices will be introduced from April 2029.
• From April 2029 businesses will be required to pay VAT and PAYE liabilities by direct debit.

Mileage rates for using your own car for work or self-employment

• The tax-free rate was increased to 55p per mile for the first 10,000 business miles earlier this year.
• The rate for business mileage above 10,000 will be increased from 25p to 35p.

Capital Allowances

• The main rate of capital allowance relief will be reduced again from 14% to 12% from April 2027.
• The Annual Investment Allowance will remain at 100% on the first £1,000,000 and first year allowances will increase to 50%.

Share Option Scheme

• The window for exercising EMI options following a disqualifying event will be extended from 90 to 180 days.
• The individual option limit for CSOPs will be increased from £60,000 to £120,000 and the exercise period will be extended from 10 to 15 years.

Individual Savings Accounts (ISA)

• The proposed reduction in the cash ISA investment limit for under 65s will not go ahead, meaning that the maximum limit for cash ISA investment will remain at £20,000 per year.
• A First Time Buyer ISA will be introduced from April 2029 to replace the Lifetime ISA allowing people to save towards buying their first time home. The government will pay a 25% bonus on withdrawal for a property purchase up to the value of £450,000. The bonus will be capped at £20,000.