Following the coalition government's emergency budget 2010 the principal points affecting business are:

• VAT rises to 20pc from 17.5pc from January 2011 - certain exepmtions apply

• Capital gains tax (CGT) to rise for higher-rate taxpayers to 28pc immediately

• Personal income tax allowance increased by £1,000 in April 2011 to £7,475

• Corporation tax cut to 27pc next year

• Corporation tax cut by 1pc point a year for next three years to 24pc

• Small companies tax rate cut to 20pc in April 2011

• Tax relief for video games industry scrapped

• UK bank and building society levy from 2011

• Levy also on UK operations of foreign banks

• Smaller banks not liable for a levy

• 10pc CGT rate for entrepreneurs extended to first £5m of qualifying gains 

• Annual Investment Allowance reduces to £25,000 from April 2012