Tax calculator: Work out how Rachel Reeves’ Budget will affect your finances

After weeks of leaks and frenzied speculation, Rachel Reeves revealed her second Budget in a speech in the House of Commons on Wednesday afternoon.

The Labour chancellor introduced a raft of tax increases and spending cuts at the much-anticipated fiscal event, as well as an end to the controversial two-child benefit cap.

Around 1.7 million earners are set to pay more tax by 2029/30 after Ms Reeves announced that Labour would be extending the freeze on income tax thresholds for three more years, until 2030/31.

Also making an appearance was the highly-speculated ‘mansion tax’, introducing a new council tax surcharge on owners of high-value homes.

This came alongside a change to how salary sacrificed pension contributions work. From 2029, the retirement-boosting option for employees will now be subject to national insurance contributions at over £2,000.

The measures will leave the government with £22bn in fiscal headroom, and come on top of the £40bn of tax rises unveiled last year. They will bring the tax take to an all-time high of 38 per cent of GDP in 2030/31.

Use The Independent’s Budget calculator, created by tax advisory firm Blick Rothenberg, to work out what the announcements mean for you: