This budget introduces a new National Living Wage for workers aged 25 and above aiming to reach over GBP9 by 2020. It reduces taxes on working people by further increasing the personal allowance to GBP11,000 in 2016-17 and the higher rate threshold to GBP43,000. From September 2017 free childcare entitlement will be doubled from 15 hours to 30 hours a week for working parents of 3 and 4 year olds and the next stage of welfare reform is set by freezing working-age benefits and local housing allowances for 4 years, reducing rents in social housing by 1% a year for 4 years and reducing the benefit cap. The dividend tax credit will be replaced with a dividend tax allowance of GBP5,000 and new dividend’s tax rates set. Family homes are taken out of inheritance tax for all but the wealthiest with a new transferable nil-rate band of up to GBP175,000 per estate when a main residence is passed to direct descendants bringing the effective tax inheritance tax threshold to GBP1 million. This will be paid for by a taper to the annual allowance for pensions tax relief for those with a total income over GBP150,000. The standard rate of insurance premium tax is increased from 6% to 9.5%. Mortgage interest relief for landlords is restricted to the basic rate of income tax, phased in over 4 years. Permanent non-domicile status is also ended. Corporation tax rate will be cut to 19% in 2017 and 18% in 2020; the level of the annual investment allowance set to GBP200,000 from January 2016; the employment allowance raised to GBP3,000 from April 2016; a levy on large employers to fund 3 million new apprenticeships will be introduced; and university maintenance grants will be converted to loans.