Autumn Statement 2016: will you be better or worse off?

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The new Chancellor of the Exchequer, Philip Hammond, is delivering his first Autumn Statement. We set out below what he has proposed and how it will affect our personal finances.

 Winners

Savers A new"market-leading" savings account from National Savings & Investments is to be launched . Is is expected to pay 2.2pc over a three-year term on a maximum balance of £3,000. Details will be announced in the Budget next year, which will take place in the autumn.

Autumn Statements will be moved to the spring and will involve "no major fiscal changes" except in response to unexpected circumstances. 

As previously announced, the annual Isa allowance will rise to £20,000 in April next year.

Pensioners The"triple lock" on the state pension will remain.

Aspiring home owners A sum of £7.2bn will support the construction of new homes, including spending by housing associations. A new £2.3bn Housing Infrastructure Fund will be established for infrastructure for up to 100,000 new homes in high-demand areas. The Help to Buy"equity loan" scheme and the Help to Buy Isa are to remain in force.

Taxpayers The commitment to raise the tax-free personal allowance to £12,500 and the threshold for higher-rate tax to £50,000  was reaffirmed . After 2020 the thresholds will rise in line with the consumer prices index.

The National Insurance threshold for employees and employers will be aligned at £157 a week. There will be no cost to workers. As announced in the Budget, Class 2 National Insurance contributions will be abolished in April 2018, simplifying National Insurance for the self-employed.

Workers on state benefits Mr Hammond will increase the amount of benefits that claimants can keep while in work. More than £1bn will be diverted into the welfare system in a move designed to ease the impact of cuts introduced by George Osborne.

The Chancellor said the Government had no plans for further welfare savings measures in this parliament beyond those already announced.

Motorists A clampdown on whiplash claims will save each driver £40 on premiums. Fuel duty will be frozen, saving the average driver around £130 a year compared with pre-2010 plans for the"fuel duty escalator".

Workers who earn the minimum wage The National Living Wage will rise from £7.20 an hour to £7.50 from April 2017, with stronger enforcement to ensure that people are paid the minimum.

Parents The Chancellor confirmed that the Government would begin to roll out tax-free childcare across Britain in early 2017. He said this would represent a saving of up to £2,000 per child.

Tenants Letting agents' fees charged to tenants, which currently add as much as £500 to the cost of renting a home, are to be banned. Read more in our Q&A .

Workers who are made redundant The first £30,000 of termination payments will remain tax-free. There had been fears of a reduction. 

As announced in the Budget, from April 2018 termination payments over £30,000, which are already subject to income tax, will also be subject to employers' National Insurance contributions.

Pension savers The Government will shortly publish a consultation on options to tackle pension scams, including banning cold calling in relation to pensions, giving firms greater powers to block suspicious transfers and making it harder for scammers to abuse"small self-administered schemes".

Profile | Philip Hammond Losers

Savers using 'drawdown' pensionsThe annual allowance for saving into a pension for those who have started to"draw down" their pension savings will be cut to £4,000 from £10,000. There is more detail here .

The official documents said:"The Government does not consider that earners aged 55 and over should be able to enjoy double pension tax relief, such as relief on recycled pension savings, but does wish to offer scope for those who have needed to access their savings to subsequently rebuild them. The Government will consult on the detail."

Buy-to-let investors While tenants will benefit from the removal of upfront letting agents' fees, landlords can expect to be worse off if they now have to meet the costs of various agents' services such as credit and immigration checks.

Those who use tax avoidance schemes The Chancellor said that, to tackle tax avoidance, the Government would"strengthen sanctions and deterrents" and will take further action on disguised remuneration tax avoidance schemes.

Employees who use tax perks The rules that govern"salary sacrifice" – buying services such as mobile phone contracts from your pre-tax income via your company – are to be tightened. However, saving for your pension this way is not affected by the change in the rules. Arrangements relating to childcare, the Cycle to Work scheme and ultra-low emission cars are also unaffected.

Insurance policyholders Insurance premium tax is to rise from 10pc to 12pc. 

House buyers There has been no change to the stamp duty regime. Campaigners including The Telegraph had been calling for reform. The amount raised for the Exchequer from stamp duty is expected to rise from £11.3bn to £16.8bn by 2012-22.

Those who have foreign pensions The tax treatment of foreign pensions will be more closely aligned with the UK’s domestic pension tax regime by bringing foreign pensions and lump sums fully into tax for UK residents, to the same extent as domestic ones. Currently there are opportunities to extract money without paying UK tax.

At a glance | The Autumn Statement

This article was written by Richard Evans from The Daily Telegraph and was legally licensed through the NewsCred publisher network.