Here are some of the changes in the March 2012 Budget

Income Taxes

• Additional rate reduced to 45% from April 2013
• Personal Income Tax allowance increased to £9,205 from April 2013
• No changes to pension tax relief
• Personal tax statement to be sent to 20m tax payers from 2014

Child Benefit

• To be withdrawn from higher tax payers if someone in the house is earning more than £50,000 at the rate of 1% for every £100 earned over £50,000.

Pensions

• New single tier pension to be around £140 and based on Basic State Pension and additional state pension
• New single-tier state pension for future pensioners to be set at about £140 and based on contributions to replace Basic State Pension and additional state pension
• Basic state pension to increase by £5.30 a week to £107.40 from April 2012

Housing

• Stamp duty on residential properties over £2m that are bought via a company will increase to 15% from today.
• Stamp duty on properties worth over £2m increases to 7% from midnight tonight.
• Consultation on annual charge on residential properties worth over £2m that are already owned via a company.
• Retrospective action to be taken on any scheme that evades the above new stamp duty charges.
• Extra funding to help construction firms building new homes.

Business Taxes

• Corporation tax cut to 24% from April 2012 and reduced to 23% in 2013 and 22% in 2014.
• Simplified tax system for small firms with a turnover of up to £77,000.
• Tax credit to be introduced for video games, animation and high end TV industries