• A 1 penny per litre cut in fuel duty from 6pm 23 March 2011.
• An increase in the HMRC approved mileage rates, (the first in 14 years), will allow employers to increase the rates they pay their employees who use their personal cars for business. The rate is supposed to cover a myriad of expenses including insurance, servicing, the road fund licence and fuel. It will mean that a person travelling 10,000 miles a year will be £500 better off.
• While no immediate or future reduction of the 50% tax rate was announced today, the Chancellor made it clear that he regarded the 50% top rate of income tax as a temporary rather than a permanent measure, giving a signal for a reduction in the rate later in this Parliament.
• An increase in the personal allowance, for those under 65 years of age, of £630 in April 2012 to £8,105.
• The capital gains tax annual exempt amount for individuals will increase to £10,600 for 2011/2012.
• A doubling of the lifetime capital gains entrepreneurs’ relief to £10m.
• For deaths on or after 6 April 2012, a reduced rate of IHT will apply where 10 per cent or more of a deceased's net estate (after deducting IHT exemptions, reliefs and the nil rate band) is left to charity. In those cases the current 40% will be reduced to 36%.
• Reforms to the taxation of non-domiciled individuals, increasing the £30,000 annual charge to £50,000 for those resident for 12 or more years, and removing the tax on income remitted for commercial investment in UK businesses.
• Introducing a statutory residence test.
• Reform to the Enterprise Investment Scheme (EIS) and increasing the income tax relief to 30%. The amount that can be invested under the scheme will increase from £500,000 to £1m from 6 April 2012.
• Simplifying the tax system abolishing 43 tax reliefs.
•The main rate of Corporation Tax will be reduced to 26% from April 2011, (down from the proposed 27%), and reduced to 23% by 2014.
• Gift Aid on small donations without requiring declarations.
• A crack down on tax avoidance by closing down schemes which disguise remuneration, avoid corporation tax, VAT and stamp duty land tax.
• A green paper on state pension reform.
• The Government will consult on options for integrating the operation of income tax and national insurance contributions. They have confirmed that there will be no extension of the scope of national insurance either to the over 65s or to other forms of income as part of this review.