Emergency Budget Summary

The main points to come out of the Emergency Budget are as follows:

• Small Compaies rate of Corporation Tax to reduce by 1% to 20% in 2011
• Large Companies rate of Corporation Tax to reduce by 1% per annum from next year over 4 years to 24%.
• VAT up to 20% from 4 January 2011
• Capital Gains Tax for higher rate taxpayers to increase to 28% from Midnight 22/6/10
• Basic personal income tax allowance to increase by one thousand pounds from 6 April 2011
• Council Tax to be frozen for 2 years