On Wednesday 18th March 2015, George Osborne will hold up his red briefcase for potentially the last time, and with an election looming can we expect any vote-winning surprises?

Here is a run-down of what has already changed, what we know is coming, and what we may or may not see in Wednesday's announcement.

What changes have already happened?

Since the Chancellor gave his Autumn Statement back in December some big financial changes have already come into play that could be saving you money, they include:

A reduction in stamp duty (for the majority)

On 4th December, 2014 stamp duty was cut for 98% of people who pay it, with only those purchasing high value properties now paying more.

Stamp duty is no longer payable for properties sold for less than 125,000 and you now only pay the higher rate on the value of the property over each threshold. The new rates are as follows:

  • 2% up to 250,000

  • 5% up to 500,000

  • 10% up to 1.5m

  • 12% anything over 1.5m

The launch of new Pensioner Bonds

Announced in the 2014 Budget, new NS&I pensioner bonds were launched in January this year.

The fixed rate savings accounts were made available to pensioners aged 65 and over, offering marketing leading rates.

Spouses can inherit ISAs after partner's death

Since 3rd December, 2014 ISA benefits can now be passed onto a spouse after their partner's death, through an additional ISA allowance that can be used from 6th April, 2015.

A new housing scheme

Launched in December, 2014, a new housing scheme is offering 100,000 first time buyers new homes with a 20% discount called the starter home initiative.

The aim of the scheme is to help more first time buyers get their foot on the property ladder. Potential candidates can register their interest in the scheme on the Gov.uk website.

What do we already know is coming?

A host of major changes are fast approaching with announcements from the December statement and last year's budget coming into effect this April and May.

A BIG pensions shake up

Huge pension changes will be coming in from April that will give you greater choice in how you manage your finances in retirement.

Another major change will be the end of the 55% 'death tax', which will mean you will be able to leave more of your money to your family than before.

Changes to income tax

One of the biggest imminent changes that will have an immediate effect on your wallet is the increase in personal tax allowance to 10,600 from April.

At the same time the 40% income tax threshold is going up from 41,865 to 42,385, with a promise that the threshold will rise to 50,000 by 2020.

New ISA limits for 2015/16

We found out in December that the new ISA subscription limits will be 15,240 from 6th April 2015, an increase of 240 from the current allowance of 15,000.

Savings tax cuts

If you earn less than the annual personal allowance you can register for tax free savings up to 5,000 per year from 6th April, 2015.

The tax had previously stood at 10% for income up to 2,880 but this 10p savings tax rate be scrapped from April and replaced with a 0% rate on the first 5,000 earned.

You can find out more by visiting the Gov.UK website.

Air passenger duty scrapped for kids

Air traffic duty is being abolished for children under 12 on economy flights from May 2015.

This tax currently costs from 13 per passenger for short haul flights up to 97 for longer flights departing from the UK.

Employers' National Insurance abolished for under 21s

Employers with workers under the age of 21 will no longer be required to pay Class 1 secondary National Insurance contributions on earnings up to the upper earning limit.

This is another change that we will see at the start of the new tax year from 6th April.

Transfer your child trust funds to a Junior ISA

From 6th April you will be able to transfer an old Child Trust Fund to a new Junior ISA.

What else might happen in the Budget 2015?

Rumours are rife about what we will see from the Chancellor on Wednesday, and with an election on the horizon, some are expecting a surprise or two!

While we will not know exactly what the Budget contains until George Osborne delivers it to a packed House of Commons on Wednesday, here some of the predictions doing the rounds.

Income tax allowance to increase... even more?

We already know that the personal tax allowance (the amount of money you can earn before paying income tax) is set to go up to 10,600 in April, but some are suggesting that the chancellor may go even further, and increase the allowance to as much as 11,000!

More pension changes?

The current pension changes coming into effect this year are huge, but could Mr Osborne have yet more changes in the pipeline?

It has been suggested that current reforms may be extended further to include 6 million pensioners that were excluded from cashing in their pension savings rather than buying an annuity.

Other pension rumours include a plan to allow pensioners currently locked into an annuity the ability to sell.

Welfare to be reduced?

Some have reported that George Osborne may restrict child benefit to 3 children for new claimants and reduce the welfare cap to 23,000.

Under-25s could also lose housing and unemployment benefits if they refuse work, training or education offers.

Alcohol duty to be cut?

Always a popular subject come budget time, and those of us that enjoy the occasional tipple could be in luck this year. An easy win in election year could be in the offing as some predict a cut in beer and spirit duty.