Increase in personal allowance
MIKE Tuhme, regional tax partner at accountants RSM Tenon, said: "It was always going to be a challenge for George Osborne to find more tax breaks given those previously announced and the need to get the UK's financial house in order.
"By putting a further squeeze on public spending and extending a pay freeze in the public sector, this has allowed him to bring forward the increase of the personal income tax allowance to £10,000 from April 2014.
"This personal allowance will increase to £9,400 from April 2013 making a saving of £290 in income tax and national insurance per person for the upcoming tax year."
This will not be of any benefit to middle income families, however as the basic rate band will be reduced.
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"Osborne announced tax free childcare for working families coming into effect from 2015. This will mean £1,200 in support of childcare costs for every child. This will be of benefit not just to lower income families, but for middle income families too."
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