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.