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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.
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