Emergency budget date set

The new Chancellor, George Osborne, has announced the date of his 'emergency budget'. The budget, which is set to take place on June 22nd 2010, is likely to contain a wide range of spending cuts as well as much-expected tax rises.

Some of the possible tax changes, as outlined in our guide to the tax consequences of the new coalition government might include:

• A rise in the VAT rate from 17.5% to 20% (this alone would raise over £10bn per year).
• An increase in the standard CGT rate from 18% to around 40%
• A possible cut in the corporation tax rates (from 21p to 20p for small companies) - we hope!

Naturally, we'll keep the Clarity up-to-date with more news on the forthcoming Budget, as soon as it becomes available.