VAT increase to 20% - From January 4th 2011 VAT will rise from 17.5% to 20%. Food and children's clothing will remain VAT exempt says chancellor Osborne.
Income Tax allowance rise by £1,000 - Personal income tax allowance to be increased by £1,000 in April to £7,475 - worth £170 a year to basic rate taxpayers. It is expected that 880,000 of the lowest-paid will be taken out of income tax altogether.
Child benefit frozen for 3 years - In his emergency speech today George Osborne announced that child benefit will still be available to everyone, however it will be frozen for the next three years.
Family Tax credits capped at £40,000 income - in addition Chancellor Osborne will reduce tax credits for families earning over £40,000 from next year.
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