Budget 2012 at a glance (From Daily Echo)

Budget 2012 at a glance

1:48pm Wednesday 21st March 2012 in Business

• Headline rate of corporation tax to be cut further from next month by one percentage point - to 24%. Future cuts to go ahead as planned.

• Bank levy to be increased to 0.105% from next January, raising £2.5 billion a year.

• No change in alcohol duty.

• Duty on all tobacco products to rise by 5% above inflation from 6pm tonight - 37p on a packet of cigarettes.

• New duty on gaming machines.

• Changes to taxation on gambling firms, imposing tax at the place of consumption to discourage online gambling moving offshore.

• Fair fuel stabiliser means above-inflation rises in fuel duty will return only if price of oil falls below £45 a barrel.

• Vehicle excise duty to rise by rate of inflation. Duty frozen for road hauliers.

• Government to consult on anti-tax evasion rules.

• Stamp duty charge on properties above £2 million through a company to rise immediately to 15%.

• Stamp duty rate of 7% on properties worth more than £2 million.

• 50p tax rate raised £1 billion - a third of the amount forecast.

• Top rate to be reduced from 50p to 45p from April 2013.

• Changes to taxation mean the Treasury will receive ''five times more money each and every year from the wealthiest in our society''.

• Child benefit to be reduced incrementally when one member of household earns more than £50,000. Child benefit will be removed completely at £60,000.

• Personal tax allowances to rise by £1,100 from next April. Tax-free allowance to rise to £9,205, making 24 million people £220 a year better off.