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Emergency Budget - 22 June 2010

The first cut is the deepest? Keep up-to-date with our coverage of the Emergency Budget

Mr Osborne set the scene for his first Budget by stating that "the country has overspent, it has not been undertaxed...". In addition to sweeping changes to Government spending, he also announced some landmark changes to the taxation system.

The key theme of this Budget was that "we are all in this together" and very few individuals will be unaffected by the changes. Businesses however have a number of reasons to feel more cheerful, but will be eagerly awaiting the outcome of consultations of the taxation of foreign profits, intellectual property and research and development. Entrepreneurs will be extremely relieved by the carve-out from the increase in CGT rates, but the CGT changes announced may well only be a temporary measure. The taxation of share optionholders and shareholders in real estate businesses for example, remain anomalies in the system.

Read on to find out more in our in-depth analysis of the Budget announcements.

We always recommend seeking expert advice on the effects of changes to taxes on you or your business. To speak to an adviser for a personal analysis for your complete peace of mind please email Tony Spillett, Tax Partner.

You can also keep up to date with all of the latest BDO news by following us on twitter.

Contacts

Tony Spillett

Partner
Telephone: 020 7486 5888 Email Tony

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