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BUDGET HIGHLIGHTS
 The standard rate of VAT will be 20% from Tuesday 4 January 2011.
The personal allowance will rise by £1,000 in 2011/12, but higher rate taxpayers will not benefit because the basic rate limit will be cut.
From 23 June 2010, the rate of capital gains tax will increase to 28% for higher and additional rate taxpayers, but will remain at 18% for basic rate taxpayers.
Entrepreneurs' relief will continue at 10% and from 23 June 2010 the lifetime limit will be raised to £5 million per person.
The main corporation tax rate will fall to 27% from 1 April 2011 and be reduced by 1% a year in the following 3 years.
The small profits corporation tax rate will reduce to 20% from 1 April 2011.
The annual investment allowance will be cut to £25,000 from April 2012. The writing down allowance for plant and machinery will also be reduced.
The effective requirement to buy an annuity at age 75 will be scrapped from April 2011.
There will be a temporary exemption for employers' national insurance contributions of up to £5,000 per employee for each of the first ten people employed by new businesses in certain regions, broadly outside London and the South East of England.
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