The key points:  

• Corporation tax rates: previously announced fall from 28% to 27% on 1 April 2011 will now be by 2% to 26%.  There will be further annual reductions of 1% per year to 2013.
   
• Entrepreneurs' relief: lifetime limit for gains taxed at 10% is being doubled to £10m from £5m.
   
• R&D tax relief: SME scheme is improving from the current 175% to 200% from 1 April 2011 and then to 225% from 1 April 2012. Further, the current PAYE/ NIC cap for tax credit repayments is being abolished.
   
• EIS relief: income tax relief credit is being increased to 30% from 20% after 6 April 2011. There will be further changes to qualifying company definitions after April 2012.
   
• Tax-free car allowances: 40p per business mile reimbursement rate is being increased to 45p. This is still restricted to the first 10,000 business miles and the subsequent rate is still 25p.
   
• Tax-free personal allowances: tax-free allowance is being increased by £1,000 to £7,475 for the 2011/12 tax year and then to £8,105 for the 2012/13 tax year. The Coalition is working towards £10,000 by the end of the current parliament. As before, those with incomes over £100,000 will have these allowances clawed back.
   
• Controlled Foreign Companies and Taxation of Foreign Branches: in a move to make the UK more competitive, new rules will be introduced to move foreign branches of UK companies and CFCs to a more territorial charging basis.
   
• Stamp Duty Land Tax: new tax avoidance legislation is being introduced so that more property buyers pay this tax.
   
• Fuel duty rates: fuel duty stabiliser is being introduced so that future duty price rises can be deferred until the underlying price of oil falls.  There will also be a 1p decrease per litre in fuel duty from 6pm tonight.
   
• 50p tax rate: it has been confirmed that this will be temporary although no timescale for its removal has been announced.
   
• Pensions: previously announced £50,000 annual maximum pension contribution per individual comes into force on 6 April 2011.
   
• Cross-EU Border tax debt enforcement: from 1 January 2012, it is intended that local tax authorities will assist in the collection of tax debts across the EU.
   
• Gift-Aid donations: there are changes to the Gift Aid regime simplifying donation processes and claiming reliefs. There are also new reductions in inheritance tax for deathbed donations to charities.
   
• Tax schemes: methods by which some employers pay salaries to highly paid staff using loans and offshore trusts are being prevented.
   
• Residency and domicile: the current £30,000 charge for non-UK domiciles is being increased to £50,000 where the non-dom has been UK resident for 12 years.  A new statutory residency test is being introduced.
   
• Tax simplification: the Government will start consulting to align income tax rules with those for National Insurance.
   
• Enterprise Zones: 21 zones across the UK are being created where there will be rates and tax advantages for establishing new businesses.
   
• Bank Levy: Banks will be funding most of the Budget giveaways through increases in the Bank Levy.
   

Please note that these are for general guidance only. 

Click here to read our full briefing.