View Deloitte's summary and analysis on the measures affecting businesses
announced in the emergency Budget 2010.
The Chancellor announced that the Government will introduce a bank levy from 1 January 2011.
The main rate of corporation tax will fall to 27% for 2011-12, with further 1% cuts in the following three years.
The Budget announcements confirm the Government's intention to reform the UK controlled foreign companies ('CFC') regime.
Legislation will be introduced to bring in a
phased decrease in the rate of corporation tax.
Other business measures
- Abolition of the IP requirements from SME R&D regime
- Business rates
- Capital allowances rules for qualifying carers
- Capital distributions
- Consortium relief: extension of rules to allow EEA companies as link companies
- Corporation tax: Northern Ireland reform
- Corporation tax: rate changes
- Film tax relief: multi year claims
- First-year allowances on zero-emission goods vehicles
- Furnished holiday lettings
- General anti-avoidance rule ('GAAR')
- Green measures
- Income tax and National Insurance allowances and bands
- Insurance companies
- Insurance premium tax
- Landline duty
- Loan relationships and derivative contracts: anti-avoidance
- North Sea fiscal regime
- PAYE regime
- Personal service companies: commitment to IR35 review confirmed
- R&D tax relief
- Reduction in plant and machinery writing-down allowances and Annual Investment Allowance
- Reform of the aviation tax system
- Regional employer NIC holiday for new businesses
- Review of HMRC powers, deterrents and safeguards: Excise modernisation and compliance checks
- Tax policy making: a new approach
- UK REITs and stock dividends
- VAT: Changes to the standard rate and anti-forestalling measures
- Venture capital trusts
- Video games tax relief
- Worldwide debt cap