EMERGENCY BUDGET 2010

George Osborne presented his first Budget on Tuesday 22nd June 2010.

For the first time, forecasts were published in advance of the budget. The Office for Budget Responsibility was formed in May 2010 to make an independent assessment of the public finances and the economy in advance of each Budget and Pre-Budget Report.

Within the framework of these forecasts George Osborne stated that a tough but fair Budget was needed. Many fundamental announcements have been made which affect the taxation of most individuals. These are in addition to changes already made by the previous government, such as the 50% tax rate and changes to the tax relief available for pension contributions.

Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments.

You can download a PDF version of our Emergency Budget summary by clicking here.

This report is for guidance only and professional advice should be sought before taking any action.