Everything you need to know about Britain's Summer Budget

Chancellor George Osborne delivered the first Conservative Party Budget in 18 years on Wednesday, after his party's surprise election victory in May.

The big takeaways are a new national living wage of £7.20 an hour starting next April; a reduction in corporation tax to 18% by 2020; an increase in the tax free allowance; and £12 billion worth of benefit cuts.

Here are all the key points from the Summer Budget:

Tax

• Tax free allowance raised to £11,000. Threshold for top rate of tax raised to £43,000.
• Reduction of tax relief for buy-to-let landlords.
• Inheritance tax threshold raised to £1 million.

Tax avoidance

• Extra £250 million funding for HMRC to crack down on avoidance and evasion.
• Permanent non-dom status abolished - those who've been living for more than 15 of the last 20 years in the UK subject to full UK tax.

Welfare

• Benefits for 18-21 year olds scrapped, replaced by "Youth Obligation" to "Earn or Learn."
• Freeze on working age benefits for 4 years.
• Social housing rents reduced by 1% a year for the next 4 years, to be funded by councils.
• Benefits cap lowered from £26,000 to £23,000 in London and £20,000 outside of London.
• Child tax credits limited to first 2 children.

Education

• Apprenticeship levy charged to all big companies to encourage them to set up training schemes.
• Plans for 3 million new apprenticeships.
• University maintenance grants scrapped, replaced by loans.

Public sector

• 1% pay rise a year over next four years.
• Additional £8 billion of NHS funding this year.

Business

• Bank levy phased out over the next 6 years, replaced by 8% surcharge on bank profits.
• Corporation tax cut from 20% to 19% in 2017 and 18% by 2020.
• R&D allowance of £200,000 a year for businesses.

Devolution

• Additional powers devolved to Manchester's new Mayor over fire service, land commission, children services and employment.
• Plans for devolution and elected Mayors in Sheffield, Leeds and West Yorkshire.
• £30 million funding for Transport for North to create "Oyster-style" joined up transport system.
• New Enterprise Zones across England.
• Elected Mayors to have powers to set Sunday trading hours for shops.

Transport

• Overhaul of car taxes to include all new vehicles, scrapping allowances for green cars.
• £140 a year new vehicle excise duty.
• Paid directly into new "Roads Fund", spent on maintaining roads.

Defence

• 2% of national income to be spent on defence budget, in line with NATO recommendations.
• New Join Security Fund of £1.5 billion to be created by the end of Parliament.

Economy

• Fiscal charter announced that commits governments to running a budget surplus - spending less than it collects in taxes.
• Government forecast to hit budget surplus by 2020, not 2017/18 as previously promised.
• UK's growth in 2014 revised up to 3% from 2.6% by Office for Budget Responsibility.
• OBR forecasts 2.4% growth this year, 2.3% in 2016, and 2.4% in 2017, revised up from 2.3%.
• OBR forecast 1 million more jobs over the next 5 years. Conservatives want 2 million more.

Other

• National living wage of £7.20 an hour, starting next April. Paid to all workers over 25, rising to £9 an hour by 2020.
• BBC to fund free TV licenses for over 75.