Are you an autumn statement winner or loser?

George Osborne said stamp duty was a “tax on inspiration”, and said he would remove the “cliff edges” which distorted the property market.

So who are the biggest winners?

Property buyers

In a bold move, Mr Osborne said that from midnight on 3 December, stamp duty would be slashed for 98 per cent of homebuyers – meaning buyers would pay £4,500 less on the average price home of £275,000.

Under the proposals, those buying homes worth £125,000 will pay nothing on stamp duty up until £185,000, paying 2 per cent on the remaining £60,000. This works out as £1,200, a saving of £650.

Families and children

Air passenger duty for children under 12 will be abolished in May 2015 and for under 16s in 2016 to help reduce the cost of tickets for families. The Treasury says this could save a family of four £26 on a return flight to Europe, and £142 on flights to the US (based on travelling economy class).

Tax exemptions

Aid workers who die while dealing with humanitarian emergencies will not have to pay inheritance tax on any properties left behind. This is an extension from army personnel receiving the exemption.

Students and young workers

Young apprentices will no longer have to pay national insurance, while government-backed loans of up to £10,000 are expected to be made available to students undertaking postgraduate masters degrees from 2016 to 2017.

Married couples and savers

From today, if an Isa (Individual savings account) holder dies, they will be able to pass on their benefits to their spouse of civil partner. The limit on saving in new Isas will rise to £15,240 and is to be inherited tax free.

Small businesses

The “high street discount” on business rates for around 300,000 shops, pubs, cafes and restaurants will go up from £1,000 to £1,500 from April 2015 to March 2016. Mr Osborne also announced that he will cap the annual increase in business rates at 2 per cent for the same period of time.

And the biggest losers?

Non-doms

Non-doms, or those who are UK residents but not ordinarily residing in the country for 12 of the last 14 years, will have to pay £60,000 a year in taxes, while those in the country for 17 of 20 years will have to pay £90,000.

Top-end property buyers

Those buying homes worth more than £937,000 will see their stamp duty bill go up. A £5m house will see its stamp duty rise from £350,000 to £514,000.

Buyers who own homes through companies – known as “enveloped” transactions, which can avoid stamp duty – will have to pay more than 50 per cent above inflation in a new tax on properties over £2m.

The wider economy

Sorry guys – but while there were sweeties in the budget, the overall picture is not so good. The deficit is £75bn and the debt is still rising – and a raft of public sector cuts are still to come. At the moment, none of the parties are willing to say where – meaning that will be a key battleground for the election.

Read more analysis on Paul Mason's blog 

The deficit is £75bn and the debt – at 80.1 per cent of GDP – is still rising and will not peak until next year. – See more at: http://blogs.channel4.com/paul-mason-blog/autumn-statement-report-parallel-universe/2651#sthash.T8F1zy3i.dpuf
The deficit is £75bn and the debt – at 80.1 per cent of GDP – is still rising and will not peak until next year. – See more at: http://blogs.channel4.com/paul-mason-blog/autumn-statement-report-parallel-universe/2651#sthash.T8F1zy3i.dpuf
The deficit is £75bn and the debt – at 80.1 per cent of GDP – is still rising and will not peak until next year. – See more at: http://blogs.channel4.com/paul-mason-blog/autumn-statement-report-parallel-universe/2651#sthash.T8F1zy3i.dpuf