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The decision follows a rigorous assessment of the IGas proposals and detailed consideration of all comments submitted during two rounds of public consultations.

So the government will consider how we can ensure that the taxation of different ways of working is fair between different individuals, and sustains the tax-base as the economy undergoes rapid change.

Insurance Premium Tax (IPT) will increase from 10% to 12%. IPT is a tax on insurers and it is up to them whether and how to pass on costs to customers.

And we will introduce a new penalty for those who enable the use of a tax avoidance scheme that HMRC later challenges and defeats.

The Government will work on subsequent funding arrangements as part of our negotiations to leave the EU and will give more information in due course.