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Main points from today's Budget


Here are the main points from today's Budget - the first to be delivered by Chancellor Jeremy Hunt.

  • Corporation tax increasing from 19% to 25%. Any business making profits of £250,000 or above will pay the full 25%.

  • From April, smaller businesses can deduct the full cost of investments in the likes of IT, plant and machinery from their taxable profits as the Annual Investment Allowance is increased to £1 million.

  • SMEs can claim a credit worth £27 for every £100 they spend if they spend 40% or more of their total expenditure on research and development.

  • At least one new investment zone will be created in Wales.

  • Chancellor says there will be an additional £180m in funding for Welsh Government.

  • Fuel duty will be frozen and the 5p cut retained for a further 12 months.

  • The energy price guarantee will be frozen for a further three months to the end of June.

  • Alcohol duty will be 11% cheaper in pubs than in supermarkets. Chancellor calls this the 'Brexit Pubs Guarantee'.

  • The Office for Budget Responsibility forecasts the UK economy to contract by 0.2% this year, but to increase by 1.8% next year.

  • OBR forecasts inflation will fall to 2.9% by the end of this year.

  • Pensions annual tax-free allowance increased from £40,000 to £60,000. The Lifetime Allowance - previously set at £1.07m - will be abolished.

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