At a glance budget update
June 22, 2010 - 6:53 pm
VAT to rise to 20% from January 2011
Increase of £1000 on personal allowance
Capital gains tax rise to 28% for higher rate earners. Remains at 18% for lower and basic rate tax payers. Capital gains allowance remains unchanged at £10,100
Entrepreneurs relief remains at 10%, lifetime limit increased to £5 million
Small company corporation tax reduces to 20%
Corporation tax to reduce by 1% a year for the next 4 years