Osborne Budget

Focusing on the smallest businesses in the UK, Mr Osborne announced that people who sell services online or rent out their homes online will be eligible for two new tax free allowances worth £1,000 a year.

He also announced that Class 2 National Insurance Contributions would be scrapped for the UK's three million self-employed workers. And the Capital Gains Tax will be cut from 28% to 20% for higher rate earners, and from 18% to 10% for lower rate earners.

Personal tax and savings

George Osborne announced plans to raise the tax free personal allowance threshold to £11,500 from 2017. And the higher tax rate threshold will be increased to £45,000.

He also revealed plans for a new 'lifetime ISA' for under 40s which will allow savings of up to £4,000 a year with government contributions. And from April 2017, the tax-free ISA limit will be increased to £20,000.

Duties

The biggest announcement in this area was the introduction of the 'sugar tax' . The tax on the makers of sugary drinks, which will come into force in 2018, is expected to raise around £530m for the Treasury coffers. And it plans to use those on sports programmes in primary schools.

The Budget also included a freeze on fuel duty for the sixth year in a row, beer and cider duty and whiskey and other spirits. The tobacco tax will continue to rise by 2% on cigarettes and 3% on rolling tobacco as previously planned from 6pm today.