Budget 2012 - as it happened - Live coverage

Budget 2012 - as it happened

This live blog is now closed. See the information, analysis, reaction and updates on Budget Day 2012 as it unfolded, here.

Nothing about minimum alcohol unit pricing #budget2012

by JohnRentoul via twitter 3/21/2012 1:13:23 PM
A man outside Downing Street holding a painting depicting a naked Chancellor George Osborne pulling carrots out of a hat. Picture credit: Getty

by Simon Rice (Online Sports... 3/21/2012 1:13:57 PM
No change to duty rates on alcohol.

by IndyModerator 3/21/2012 1:13:58 PM
#budget2012 fashion side-note: @lucianaberger wearing teal, as the @indyonsunday pt-ed out, what kate mid, samcam + m obama all wearing

by Jane Merrick via twitter 3/21/2012 1:14:05 PM
New Machine Games Duty for gambling industry with a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings.

by IndyModerator 3/21/2012 1:14:27 PM
New gambling tax regime will impose tax at the place of consumption, to discourage online gambling moving off-shore.

by IndyModerator 3/21/2012 1:15:01 PM
Osborne announces move to tax offshore online gambling companies #budget2012

by oliver_wright via twitter 3/21/2012 1:15:08 PM
No further changes to fuel duty+ VED increases with inflation, freezing VED for road hauliers #budget2012

by Jane Merrick via twitter 3/21/2012 1:15:44 PM
Fair fuel stabiliser will mean that above inflation rises in fuel duty will only return if price of oil falls below £45 a barrel.

by IndyModerator 3/21/2012 1:15:47 PM
No move on fuel duty. August rise goes ahead. The Sun will hate that. #budget2012

by oliver_wright via twitter 3/21/2012 1:15:58 PM
Aggressive tax avoidance+evasion "morally repugnant" #budget2012

by Jane Merrick via twitter 3/21/2012 1:16:17 PM
No further changes to existing plans for fuel duty.

by IndyModerator 3/21/2012 1:16:26 PM
Vehicle excise duty to rise at the rate of inflation, but frozen for road hauliers.

by IndyModerator 3/21/2012 1:16:52 PM
General tax avoidance rule to come in. But no mention of tycoon #budget2012

by oliver_wright via twitter 3/21/2012 1:18:09 PM
The Government is to introduce a General Anti-Avoidance Rule for UK tax system to prevent "morally repugnant" tax evasion. Legislation in 2013 Finance Bill.

by IndyModerator 3/21/2012 1:18:13 PM
Fact is Osborne would not be going after £2m+ properties were it not for LibDem influence in government. Tories should admit that #Budget

by amol rajan via twitter 3/21/2012 1:18:53 PM
Stamp Duty Land Tax of 15% for homes worth £2 million or more bought through firms

by IndyModerator 3/21/2012 1:19:27 PM
Osborne confirms 7pc rate on £2m homes #budget2012

by Jane Merrick via twitter 3/21/2012 1:19:43 PM
New cap on income tax reliefs to be introduced on anyone claiming more than £50,000 #Budget2012 #Budget

by HM Treasury via twitter 3/21/2012 1:20:00 PM
Osborne rebuffs Clegg call for squeeze on pension relief, but caps overall tax relief claims #budget2012

by Jane Merrick via twitter 3/21/2012 1:20:12 PM
Stamp Duty Land Tax of 7% on properties worth £2million plus

by IndyModerator 3/21/2012 1:20:23 PM
7% stamp duty on properties over £2m a terrible idea. Annual charge better. Big disincentive to liquid market #budget2012

by JohnRentoul via twitter edited by The Independent 3/21/2012 1:20:26 PM
Stamp duty on residential properties over £2 million which are bought via a company will increase to 15%, taking effect from today to close the loophole.

by IndyModerator 3/21/2012 1:21:00 PM
Stamp Duty on properties worth over £2 million increases to 7% from midnight tonight.

by IndyModerator 3/21/2012 1:21:15 PM
50p tax rate has "caused massive distortion" #Budget2012

by Andy McSmith via twitter 3/21/2012 1:21:33 PM
New cap on tax reliefs set at 25% of total income for anyone claiming more than £50,000 in a year, but no significant change to pensions relief.

by IndyModerator 3/21/2012 1:21:40 PM
50p rate has caused £16bn of delib shifting into prev tax year, HMRC study finds, and raises 1/3 of what thought #budget2012

by Jane Merrick via twitter 3/21/2012 1:22:11 PM
From next April, top rate of income tax will be reduced from 50p to 45p #Budget2012 #Budget

by HM Treasury via twitter 3/21/2012 1:22:37 PM
40p to 50p tax increase raised just a third of what it was expected to. #budget2012

by oliver_wright via twitter 3/21/2012 1:22:48 PM
If Osborne has any sense, he'd cut from 50 to 40, not 45. At 45 he has all the political pain but little economic gain #Budget2012

by amol rajan via twitter edited by The Independent 3/21/2012 1:23:12 PM
Demonstrators hold signs while protesting about today's Budget. The sign on the right reads: "You want figures? 52% of disabled people are unemployed". The sign on the left reads: "Cut Trident. Save £100 billion. Spend it on saving the NHS". Picture credit: Getty

by Simon Rice (Online Sports... 3/21/2012 1:23:21 PM
From next April top rate of tax will 45 per cent. Says 50 per cent is damaging the economy #budget2012

by oliver_wright via twitter 3/21/2012 1:23:48 PM
Top rate coming down to 45p from April. The difference between a 50p and 45p rate is £100m a year Osborne claims #Budget2012

by Andy McSmith via twitter 3/21/2012 1:24:11 PM
Osborne claims richest will pay more - really? Stamp duty corp envelope 15pc rate can still be dodged #budget2012

by Jane Merrick via twitter 3/21/2012 1:24:37 PM
Osborne says the state will get five times more from the richest as a result of his budget changes #budget2012

by oliver_wright via twitter 3/21/2012 1:24:57 PM
Major points from the Budget so far:
* Corporation tax cut doubled to 2% from April 2012: rate falls to 24%
* Corporation tax to fall to 22% by 2014
* Stamp Duty Land Tax of 7% on properties worth more than £2 million

by IndyModerator 3/21/2012 1:25:16 PM
Unions criticise regional pay rates plan ind.pn

by Melanie Leather 3/21/2012 1:25:18 PM
So high earners shifted income forward to avoid 50p rate. If tax was permanent, they would not be able to keep doing that. #budget2012

by BenChu_ via twitter 3/21/2012 1:25:44 PM
HMRC report finds 50p tax rate has caused "massive distortions" and raised just one-third of the £3 billion it was forecast to raise.

by IndyModerator 3/21/2012 1:25:46 PM
Top rate of income tax reduced to 45p from April 2013.

by IndyModerator 3/21/2012 1:25:55 PM
Changes to taxes on the rich announced today means the Treasury will receive "five times more money each and every year from the wealthiest in our society"

by IndyModerator 3/21/2012 1:26:21 PM
Child benefit only withdrawn when someone in household earns more than £50k – 90% of families will remain eligible #Budget2012 #Budget

by HM Treasury via twitter 3/21/2012 1:26:33 PM
Child benefit will only be withdrawn from higer rate tax-payers if someone in the household has an income of more than £50,000. To avoid a "cliff-edge" effect, child benefit will be withdrawn at 1% for every extra £100 earned over £50,000.

by IndyModerator 3/21/2012 1:26:57 PM
Child benefit to be withdrawn gradually when family has an earner on 50k-60k. complicated compromise. #budget2012

by Nigel Morris via twitter 3/21/2012 1:27:11 PM
An additional 750,000 families will keep some or all of their child benefit and only those earning £60,000 or more will lose all of it.

by IndyModerator 3/21/2012 1:27:40 PM