Chancellor George Osborne has presented his first Budget to Parliament. Key measures include:
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VAT to rise to 20% from 4 January 2011.
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Capital gains tax rate to remain at 18% for basic rate taxpayers but to increase to 28% from midnight tonight (22 June) for higher and additional rate taxpayers.
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Capital gains tax annual exempt amount to remain at £10,100 this year and rise by inflation next year.
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Entrepreneur's relief limit to rise to £5 million from 23 June 2010.
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Personal allowance to increase by £1000 to £7,475 from April 2011.
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Higher rate income tax threshold frozen until 2013/14.
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Small profits rate of corporation tax to fall to 20% from April 2011.
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Main rate of corporation tax to be reduced from 28% to 24% over four years from April 2011. Rate to fall to 27% from April 2011 adn by a further 1% in each of the next 3 years.
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Annual investment limit for capital allowances to be reduced from £100,00 to £25,000 from April 2012
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WDAs for plant and machinery to be reduced from 20% to 18% for main rate pool expenditure and from 10% to 8% for special rate pool expenditure from April 2012
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Child benefit frozen for three years
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Employer's NIC threshold to rise by £21 per week above inflation from 2011/12
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New businesses outside London to benefit from NIC exemption of £5,000 for first 10 employees that they hire.
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Bank levy to be introduced from January 2011 based on balance sheet values
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Furnished holiday letting rules will not be repealed
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Proposed landline duty abolished
Budget Notes are available on the HMRC website.
For further details on individual measures, click on the relevant item in the News section.
The Finance (No. 2) Act 2010 will give legislative effect to Budget measures.