Two million people could be removed from paying income tax altogether from today as a raft of reforms come into effect.
Among the changes are a rise in the personal allowance which will mean no one pays any tax until they earn more than £9,440.
The threshold for the higher rate of tax - above which people pay tax at 40% - will also drop from £34,370 to £32,010, excluding the personal allowance.
At the same time the top rate of income tax falls in 2013/14 from 50% to 45% for those whose taxable income exceeds £150,000.
And the start of the new financial year also signals a rise in basic state pension to £110.15 per week, an increase of 2.5%.
But there will be a freeze on the level of income pensioners can receive before they have to pay tax - the so-called "granny tax".
The tax allowance for people aged 65 and older is set at £10,500.
Last week, housing benefit was cut for council house tenants with more bedrooms than they need - dubbed the "bedroom tax".
The annual increase in tax credits and other working-age benefits will also be cut to just 1%, well below the rate of inflation.
But Labour claims UK households will be £891 a year worse off on average as a result of the large-scale reforms.
Shadow chancellor Ed Balls said: "The whole country will today see whose side this Conservative-led Government is really on and who is paying the price for their total economic failure."
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