Main Points

Standard rate of corporation tax to be cut from 36 to 32 per cent from January.

Standard rate of corporation tax to be cut from 36 to 32 per cent from January.

Corporation tax rate on the first £50,000 of a firm's income to fall from 28 to 25 per cent.

The amount of money which can be raised through Business Expansion Schemes (BES) to be reduced from £1 million to £25,000 with immediate effect.

The rate of Capital Gains Tax to fall immediately from 40 to 20 per cent.

READ MORE

While the CGT threshold has been reduced to £500 per year for an individual, down from £1,000 for a single person, £2,000 for a married couple.

Tax credits on dividend payments and Advance Corporation Tax to be abolished from April 6th next.

Withholding tax on professional services to be reduced from 26 to 24 per cent from April next.

Employers who employ long-term unemployed to be entitled to a double wages deduction in arriving at the employers' taxable income.

Scrip dividends - shares taken instead of cash - will be treated as income rather than investment and will eventually be taxed at higher tax rate.

Tax relief for donations to charities. Applies to donations of £250-£10,000.

Capital allowances for new cars being increased from £15,000 to £15,500 with immediate effect.

Proposed tax concession for cross-Border workers being examined.