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  1. National

Budget: Tax cuts for families and businesses

Chancellor George Osborne has raised income tax allowance to £9,205 from £8,105 from next year in his Budget speech and has cut corporation tax by an extra penny.

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  1. Richard Edgar

IFS: Stamp duty 'badly designed' tax

The Institute for Fiscal Studies called stamp duty a "badly designed" tax Credit: Rui Vieira/PA Wire

A house valued £1 over £2 million will mean an extra £40,000 in stamp duty. The Institute for Fiscal Studies thinks annual mansion tax (like council tax) is a better idea.

The IFS added that stamp duty is "an exceptionally badly designed tax".

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