Budget homes plan loophole

The Treasury has still not explicitly said it will prevent homeowners from using Government-backed mortgage guarantees to buy second homes, after ITV News exposed the loophole. It is also feared the cost of the scheme could be passed onto borrowers.

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How will the Chancellor's Budget affect you?

Here are some of the measures announced by Chancellor George Osborne that could affect voters' wallets:

  • Rise in personal allowance brought forward to 2014, meaning no income tax on the first £10,000 of earnings
  • Tax free child care vouchers worth £1,200 per child and increased support for families with children on universal credit
  • Flat rate pension worth £144 a week to be brought forward to 2016
  • Fuel duty rise scrapped
  • Help for Equitable Life policy holders extended to those who bought with-profits annuities before 1992, with payments of £5,000 and extra £5,000 for those on lowest incomes
  • Planned 3p rise in beer duty tax scrapped and replaced by a 1p cut in duty on a pint of beer
  • New Help-to-Buy scheme for those struggling to find mortgage deposits will include £3.5 billion for shared equity loans, and a Government interest-free loan worth 20% of the value of a new build house
  • Cap-on social care costs to come in in 2017 and protect savings above £72,000

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