This Budget reduces the deficit, and achieves a surplus. The government will take action to make additional savings equivalent to 0.5% of total government spending. Corporation tax rate will be lowered to 17% with a big reduction in small business rates; a reduction in Capital Gains tax from 28% to 20% and the basic rate from reduced 18% to 10% from April 2016 (except for residential property and carried interest). Other reforms include: reforming Stamp Duty Land Tax on non-residential property transactions, cutting the tax for many small businesses purchasing property; abolish the bureaucratic and burdensome Carbon Reduction Commitment energy efficiency scheme and replace it, in a revenue neutral way, with an increase in the Climate Change Levy from 2019; support the oil and gas industry by permanently zero-rating Petroleum Revenue Tax, reducing the Supplementary Charge from 20% to 10% and introducing targeted measures to encourage investment in exploration, infrastructure and late-life assets; give large companies more time to prepare for a new corporation tax payments schedule, with a broadly neutral impact on the public finances. Working people will be supported with a GBP11,500 personal allowance and a GBP45,000 higher rate threshold; and savers will be backed with a new flexible Lifetime ISA for young people and a higher ISA limit for all. Class 2 National Insurance will also be abolished. Education reforms will be accelerated and a soft drinks industry levy will be introduced. The Budget also drives forward the devolution revolution, giving local areas further control over the decisions that affect their communities.