Early highlights most likely to affect our clients – further considered comment to follow in coming days.

Personal Taxation and Pay

Introduction of a new national living wage for all workers aged over 25, starting at £7.20 an hour from April 2016 and set to reach £9 by 2020 - giving an estimated 2.5 million people an average £5,000 rise over five years.

Low Pay Commission to advice on future changes to rate.

Inheritance Tax threshold will be increased to £1m from 2017.

Personal allowance, at which people start paying tax, to rise to £11,000 next year.

The point at which people start paying income tax at 40p to rise from £42,385 to £43,000 next year.

Mortgage interest relief for buy-to-let homebuyers to be restricted to basic rate of income tax.

Welfare and Pensions

Tax credits and Universal Credit to be restricted to two children, affecting those born after April 2017.

Income threshold for tax credits to be reduced from £6,420 to £3,850.

Working-age benefits to be frozen for four years - including tax credits and local housing allowance, but maternity pay and disability benefits exempted.

Disability benefits will not be taxed or means-tested while state pension triple lock to be protected.

Annual tax relief on pension contributions to be limited to £10,000 a year.

Public Borrowing/Deficit/Spending

1% public sector pay rise to continue for next four years.

Alcohol, Tobacco, Gambling and Fuel

No rise in fuel duty with rates continuing to be frozen.

Major reform to vehicle excise duties to pay for a new road-building and maintenance fund in England.

New VED bands for new cars to be introduced from 2017, pegged to emissions - 95% of car owners will pay £140 a year.

Business

Corporation tax to be cut to 19% in 2017 and 18% in 2020.

Permanent non-dom status to be abolished - from April 2017, anyone who has lived in the UK for 15 of the past 20 years will pay same level of tax as other UK citizens.

£7.2bn to be raised from clampdown on tax avoidance and tax evasion with HMRC budget increased by £750m.

National Insurance employment allowance for small firms to be increased by 50% to £3,000 from 2016.

Dividend tax credit to be replaced with a new tax-free allowance of £5,000 on dividend income. Rates of dividend tax to be set at 7.5%, 32.5% and 38.1%.

Health and Education

Student maintenance grants to be replaced with loans from 2016-17, to be paid back once people earn more than £21,000 a year.

The maintenance loan will increase to £8,200.

Measures Aannounced Before Budget

The annual household benefit cap will be reduced to £23,000 in London and to a £20,000 in the rest of Britain.