Budget 2012 in full: As it happened

Key Points

• The top income tax rate will be reduced to 45% from April next year
• The stamp duty rate on properties worth more than £2m via companies will be raised to 15%
• Labour leader Ed Miliband says millions of people will be paying more, while millionaires pay less
• 300,000 people will be drawn into the 40% higher rate tax band from 2013-14
• The point at which people start paying income tax will be raised to £9,205 from next April
• Age-related alowances to be removed from new pensioners from 2013