Delivering his Budget to a packed House of Commons today, chancellor George Osborne announced a number of marquee changes to tax, spending and incentives for UK businesses. Here are the main points:

- Welfare payments capped at £119 billion in 2015-16, not including state pensions and unemployment benefits

- Increase to HMRC budget to chase up tax avoiders, and more power to take debts from bank accounts of serial offenders

- People buying property over £500,000 through a company will pay 15 per cent stamp duty

- Air passenger duty cut on long-haul flights to band B (the same as flying to the USA)

- Interest rates cut for exporters by a third, lending to exporters to increase to £3 billion

- £200 million fund to help councils repair potholes in roads

- Help to buy scheme extended to 2020

- Apprenticeship grants to support 100,000 more apprentices in small businesses

- Business rates discounts extended in enterprise zones for further three years; capital allowances also

- Annual investment allowance for companies extended to £500,000, until end of next year

- £7 billion package for cutting energy bills for UK manufacturing businesses

- Fuel duty rise due in September delayed

- Betting terminals in bookies to be taxed at 25 per cent

- Beer duty cut by one penny per pint; alcohol duty escalator scrapped

- Tax free personal allowance to increase to £10,500

- Higher rate threshold to go up to £41,865 next month from £41,450 and will further increase to £42,285 next year

- People taking pension pot early will be taxed at about 20 per cent, not 55 per cent