Chancellor George Osborne has finished his Budget 2012 speech in the House of Commons.

His speech, which lasted just under an hour, was Mr Osborne’s second Budget speech since becoming Chancellor in 2010.

Key changes include a cut in the 50p tax rate, a 15 per cent increase in stamp duty for homes bought through firms, a single basic state pension and increase in the personal allowance.

The 50p tax rate decision was widely predicted in pre-Budget announcements after the last few days. Mr Osborne said the rate would be cut from 50p to 45p in April 2013.

He said the change in 2010 to a 50p rate, up from 40p, had brought in only a third of what was expected by Labour.

Similarly, issues regarding stamp duty were previously reported beforehand after Mr Osborne said on 18 March he would be “extremely aggressive” in pursuing those who avoided the tax.

A stamp duty of 15 per cent will be payable on residential properties worth over £2m purchased by companies.

Buying a property as a company has been a common form of tax avoidance over the past few years.

He also introduced a seven per cent stamp duty on residential properties worth over £2m purchased by individuals.

A single basic state pension will be brought in from April 2013 to replace the current system of age-related allowances. This will affect everyone born after 5 April 1948.

The Treasury hopes this change will simplify the tax system and reduce the number of pensioners using Self Assessment.

Finally, the Chancellor pledged to go ‘much further and much faster’ regarding the tax-free personal allowance.

The allowance, which currently stands at £8,105 will be increased by £1,100 to £9,205 in April 2013. This is in preparation for the allowance to possibly be increased to £10,000 in 2014, a full year ahead of schedule.

This is the largest increase in the personal allowance for 30 years.

• Financial Planner Online will be extensively covering the Budget this week with coverage of the announcements on the day and all the post-Budget reaction. It will be also be tweeting via our feed @FPM_Online.