The key points of Chancellor George Osborne's Budget on 21 March 2012:

From April 2013, the 50p top rate of tax will be cut to 45p.

Personal income tax allowance raised to £9,205 from April 2013 - a move the government says will make 24 million people £220 better off.

In real terms, the change amounts to £170 more a year for a basic rate taxpayer.

But 300,000 more people will be drawn into the higher rate - 40% - tax band from 2013/14 as the threshold is reduced from £42,475 to £41,450.

That largely offsets the benefit of the personal allowance rise for higher rate earners who will get £42.50 more a year.

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