View all 13 updates ›

Tax changes announced in the Budget

  • Top rate of income tax reduced to 45p from April 2013
  • Child benefit will only be withdrawn from higher rate tax-payers if someone in the household has an income of more than £50,000. To avoid a "cliff-edge" effect, child benefit will be withdrawn at 1% for every extra £100 earned over £50,000.
  • An additional 750,000 families will keep some or all of their child benefit and only those earning £60,000 or more will lose all of it
  • Tax-free personal allowance to rise by £1,100 from April 2013 to £9,205, making 24 million people £220 a year better off
  • This change will lift an additional 75,000 people in the East of England out of income tax

More on this story