The Maitland Walker commercial team has analysed the June 2010 Budget and produced a "snap-shot" update to explain the key tax announcements and their implications for businesses.

Highlights include:

• The rate of capital gains tax for higher and additional rate taxpayers goes up from 18% to 28% with effect from 23 June 2010. The lifetime limit for entrepreneurs’ relief increases from £2 million to £5 million from the same date.
• The standard rate of VAT will go up from 17.5% to 20% from 4 January 2011.
• The main rate of corporation tax will go down from 28% to 24% over four years from April 2011, the plant and machinery rate of capital allowances will go down from 20% to 18% from April 2012 and the annual investment allowance will go down from £100,000 to £25,000 in April 2012.