He also said the personal income tax allowance would rise in the Budget.
The chancellor told the BBC that, with the personal tax allowance being raised "rapidly", it would have eventually overtaken the over-65s allowance anyway.
BBC: Budget 2012: Ministers under fire over tax allowances for pensioners - BBC News
However, legislation is expected to be introduced before 2015 to allow couples to transfer part of their personal tax allowance to their partner.
Assume we have some modest further increase in the tax allowance.
It says the companies have only recently started using a complex legal argument to claim what is a legitimate tax allowance designed to help the economy.
In the Budget, Mr Osborne announced an increase of VAT up to 20%, the freezing of child benefit and a rise in personal income tax allowance.
In his fourth Budget as chancellor, Mr Osborne announced a package of measures, including a cut to corporation tax and an increase in the personal tax allowance.
Of the five fields that have received approval or come on-stream this quarter, four qualify for the small field tax allowance and one qualifies for the ultra-heavy oilfield allowance.
There has been some reshuffling between households: the increase in child benefit announced in last year's budget was paid for by a cut in the married couples' tax allowance.
Alongside that pain he's offered voters some gains - the cancellation of the next planned fuel duty rise and another small income tax cut by an increase in the personal tax allowance.
Other parts of the plan include a reduction in tax rates, including cutting the top rate from 39% to 33%, an increase in the child tax allowance, and a restoration of the married couples allowance.
The chancellor has spent the morning pointing out that no pensioner will lose any cash and that this is a freezing of a tax allowance not a new tax or an increase in an old one.
The only specific commitments given by Mr Portillo were that a Tory government would cut taxes on business and enterprise, cut duties on fuel, restore the married couple's tax allowance and provide encouragement to increase private spending on health.
We've increased the income tax allowance.
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She said cuts in fuel duty, the freezing of council tax and increases in the level of personal tax allowance would help families, while the new Universal Credit would make three million households better off and help 80, 000 with childcare costs.
But Lord Lawson maintained that "you need to do something at the other end of the scale, where the tax shoe pinches most" giving the example of young married mothers who give up their jobs to bring up a child because they lose both their income and their tax allowance.
But First Minister Alex Salmond, who has called for full fiscal powers for Scotland, said the proposals had been overtaken by the UK government's plan to pay for a rise in the income tax allowance with personal increases in National Insurance, under which money would go straight to the Treasury.
Look, say the pundits, at the net effect of his new lower income-tax band (starting next month), the cut in the basic rate of income tax from 23% to 22%, the changes to national insurance, the abolition of the married couples' tax allowance and the mortgage-interest allowance (all starting a year from now), the new child tax credit (from 2001), etc.
By enacting Section 107(2), Congress simply kept the existing tax treatment of all ministers by recognizing in the statute that their cash housing allowance was tax-free like the cash military housing allowance.
This is charged on a narrow band of savings above the personal allowance, so they will pay less tax because the personal allowance has gone up.
The universal credit will replace jobseeker's allowance, tax credits, income support, employment and support allowance - formerly known as incapacity benefit - and housing benefits with a single payment.
The government's Universal Credit will eventually replace housing benefits, jobseeker's allowance, tax credits, income support, employment and support allowance - formerly known as incapacity benefit - with a single payment.
That 66.6% is very strange indeed because the tax free personal allowance is withdrawn in that income band.
The false payments related to disability living allowance, carer's allowance, tax credits and housing and council tax benefit.
There is now no good reason why the Justice Department should defend the income tax free ministerial housing allowance.
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The bill replaces the Disability Living Allowance and tax credits with a disability addition on top of the new universal credit.
Aligning employers' National Insurance floor with the personal allowance of income tax - announced March 1998.
The bad news is that Qualified Charitable Deductions are not a permanent allowance in our tax code.
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Eventually, ministers successfully claimed they were entitled to the same tax-free cash housing allowance that was available to the military and to secular employees under the convenience of the employer doctrine.
You calculate cash flow from ops, roughly speaking, this way: add to net income any noncash charges (such as for depreciation or an allowance for future tax bills), then add favorable changes in such balance sheet items as accounts payable and accounts receivable.
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