The Treasury has published the Finance Bill and National Insurance Contributions (NICs) to deliver the announcements revealed in last month’s Budget.

Measures include maintaining income tax thresholds, changes to tax rates on savings, dividend and property income, and changes to salary sacrifice.

The Treasury said the measures include taking £150 off typical energy bills next year, increasing the National Living Wage by £900, and protecting the triple lock that means pensioners get an extra £575 a year on the full new State Pension.

Other key measures included in the Finance Bill include:

• Supporting scale-ups to grow by increasing the investment limits for Venture Capital Trusts and Enterprise Investment Schemes while increasing the Enterprise Management Incentives company eligibility limits for scaling companies.
• Increasing taxes on online gambling while protecting bingo halls, by abolishing Bingo Duty.
• Modernising the tax system and ensuring less taxpayer money is spent on debt interest and more on schools and hospitals.
• Tackling tax non-compliance in the umbrella company market and requiring tax advisers to register with HMRC to meet minimum standards.

The NICs Bill was also introduced in Parliament at the same time. The Treasury said it delivers reforms to salary sacrifice to introduce a cap on NICs relief to the first £2,000 of pension contributions from April 2029.

The cost of relief was set to almost treble from £2.8bn in 20216-17 to £8bn by the end of the decade and has disproportionately benefitted higher earners, the Treasury said. It said the reform will protect low and middle earners while retaining pension tax relief worth over £70bn a year.

Dan Tomlinson, exchequer secretary to the Treasury, said: “The choices in the Budget are fair, necessary reforms that cut the cost of living, cut waiting lists and cut borrowing, avoiding both a return to austerity and a reckless borrowing spree.”

He added that “those with the broadest shoulders will pay more through long overdue reforms, including new income tax rates on property, savings and dividends to ensure income from assets is taxed more fairly.”