What will the Budget hold?

This Budget has had all the leak-free qualities of teabag in a sieve. With every passing day we have a discussion about a tax that's getting axed, a benefit that's set for the chop, or a tax-relief due to be slashed.

Now, as George Osborne clears his throat, we look at the likely announcements.

Higher-rate of tax

An end to the 50p tax is a racing certainty after being leaked for the past week. The only questions that remain are when it will be axed, and whether it will be replaced with a new rate of tax above 40% for a year or so.

An increase in the personal tax allowance

Reports suggest the Chancellor will speed up the move toward the £10,000 personal allowance, rising to £9,000 next year and then to the £10,000 threshold the year after. The move to the £10,000 mark was set for 2015. Bringing it forward a year may go somewhere to easing the sting of reducing the cut in the 50% tax rate for high earners.

Tax avoidance clampdown

This has been a running theme for a number of years. However, we can expect a cash-strapped government to go there again, with a focus on high rate taxpayers and companies. Osborne has said this will include a clampdown on stamp duty land tax avoidance.

Personal statements

We have heard in the last couple of days that Osborne plans to introduce personal statements, showing just what you pay and where that money goes. It's thought to be a ploy in order to garner support for more cuts further down the line.

Child benefit

Osborne has said he will clarify the position regarding the axing of child benefit in families where one person pays the high rate of tax. There is some speculation that he may increase the threshold for the axing of this benefit, to counter arguments from those who say it unfairly discriminates against single income households.

Pension changes

There has been speculation that tax relief will be reduced for all higher-rate taxpayers. However, this would constitute something of a u-turn for the government, so may not be top of the list. Many now think there will be limits on annual contributions, or that those subject to the 50% tax will only get 40% on contributions.

Corporation tax

Reductions for the next few years have already been timetabled, bringing the rate down to 23% over the next two years. There has been much debate over whether there will be announcements of further reductions further down the line.

Sunday trading

One of the more cheerful announcements is set to be a relaxation in Sunday trading laws during the Olympics, so tourists will be able to pop in for their celebratory trinkets regardless of the time of day.

Regional pay deals for public sector staff

The Conservatives are said to be behind a move to bring regional pay for public sector staff in line with their private sector counterparts. However, rather than any big changes, we are likely to hear about a consultation.

Cigarettes and alcohol

We can be fairly sure there will be a rise in duty here, as why change the revenue-raising pattern now?

VAT

Low value consignment relief, which exempts low value goods from outside the EU from VAT will be scraped. So Channel Island companies selling cheap DVDs and CDs will become a thing of the past.

Fuel Duty

If Osborne is after some good headlines he could scrap planned rises in fuel duty, or freeze the fuel duty escalator. However, there have been no hints from Osborne to indicate this is a possibility.

Tax break for TV producers

This headline-grabber is expected to offer a 25% tax break to UK-based dramas to stop them flooding overseas.

Mansion Tax

For all of Vince Cable's demands, this remains an outside chance - as does the so-called tycoon tax. However, there are suggestions that the Chancellor will announce a stamp duty hike for homes worth more than £2m. Currently all properties sold for more than £1m face a 5% stamp duty rate. Reports suggest that properties worth more than £2m will be subject to stamp duty of 7%.

Loan Guarantee scheme

We are expecting to hear more details of the government's scheme which aims to support lending to small businesses

Youth employment

With youth unemployment still rising there will be pressure on the government to show it has a plan to turn things around.

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