13.31pm

RE: entrepreneurs relief

Leonie Kerswill, personal tax partner says:

"The more than doubling of the lifetime limit for entrepreneur's relief from £2m to £5m is welcome news."

13.31pm

RE: VAT for retailers

Christine Cross, retail and consumer adviser to PwC, says:

"A VAT increase in January 2011 is sensible as it gives retailers time to respond in a measured way which is bound to better for consumers in the medium term. In the short term it is likely to fuel some spending by consumers during the rest of 2010."

13.30pm

RE: capital gains tax

Leonie Kerswill, personal tax partner says:

"Many taxpayers were worried that CGT rates would be aligned with the highest rates of income tax so will breathe a sigh of relief that the top rate has only been increased to 28%. A rate change part way through the tax year will however bring some complexities for those completing their tax returns for 2010/2011."

13.29pm

RE: food, children's clothes, newspapers and other items exempt (this means zero rated) will not change in current Parliament

Stephen Coleclough, VAT partner says:

"Osborne has repeated Labour's manifesto commitment to retain zero-rates on Food, children's clothes and newspapers, but has gone further by committing to keep all other zero-rates for the life of this Parliament."

13.28pm

RE: capital gains tax rates to go to 28% for higher rate tax payers

Carol Dempsey, tax partner, says:

" Whilst this is an increase in rates, some will be relieved that it has not gone to 40% or 50%."

12.28pm

RE: retention of the Green Investment Bank

Richard Gledhill, partner, sustainability and climate change, says:

"The commitment to the Green Investment Bank has been protected, but no detail has emerged. In the intervening time since its original announcement, discussions have taken place on the possible structure and focus. What the green investment bank can do is bridge the financing gap, helping companies cross the 'valley of death' in the earliest, and riskiest stage of financing. The GIB also needs to fill the equity funding gap for emerging companies supplying new technology into the 'green' sector that the private sector will not provide. It will require the government assuming a higher risk profile than those in the private sector are prepared to assume. What the bank should not do, is compete with private capital. It should be there to support the establishment of a new energy economy."

12:27pm

RE:Increasing of VAT from 4 January 2011

Stephen Coleclough, VAT partner, says:

"This is three months earlier than we predicted and indicates that the Government needs the extra three months of £1 billion per month and that they are not worried about a double-dip recession."

12.26pm

RE: Reliefs for video games industry

Barry Murphy, corporate tax partner says:

"Todays announcement to withdraw from introducing any reliefs for the Video Game industry will hit many businesses, but cannot be said to be unexpected given the fiscal crisis and much of the economic commentary on the role of such incentives. The lower corporate tax rates , and some of the employment tax reductions will help the sector, but the competition for global talent and investment will remain fierce"

12.26pm

RE: business taxation

Rhona Irving, head of tax, PwC Scotland, says:

" relief that corporation allowance not immediately cut (until 2012) and not cut too substantially to pay for CT rate cuts in 2011"

12.26pm

RE:  National insurance incentives

Carol Dempsey, tax partner, says:

"National insurance incentives for new businesses should help manage employment costs."

12.25pm

RE: Taxation of overseas profits

Barry Murphy, corporate tax partner says:

"The announcement to take a thorough approach to deciding the right system for the taxation of overseas profits, the taxation of intellectual property and the encouragement of technological and scientific business is the right thing to do. These elements of the corporate tax system play a large part in determining the competitiveness of the system in the UK, so taking time to get the best answer was expected, and welcome."

RE: Bank levy

Peter Maybrey, financial services tax partner, said:

''We are concerned that the proposed bank levy may have an adverse impact on the competitiveness of the UK as a financial services centre - in particular if the UK imposes the levy in advance of other major territories such as the US. Other territories, whose banks have not been as adversely affected in the financial crisis, are likely to resist bringing in a similar levy. Canada, Australia, Japan and Switzerland may fall into this category. This could lead to a migration of business activity from the UK to such other territories which either do not impose a levy or impose one at a lower rate than the UK.

''One of the most difficult issues associated with the levy will be defining which institutions should be subject to the charge. As evidenced by the experience with the Bank Payroll Tax, defining what is a 'bank' and 'banking type activities' is not straightforward.''

13.22pm

RE:  Corporation tax reduction

Barry Murphy, corporate tax partner says:

"Welcome as the reduction in the Corporation Tax rate for small and large companies is, a move to 24% is unlikely to affect major business decisions. The marginal reduction in capital allowances to pay for the cut means that many may be in no better a position in the next few years. However, given the fiscal constraints outlined today, much more could not have been expected"

13.20pm

RE: For the private sector, main impact announced acceleration of moving State Pension Age to 66 and consultation on the removal of the Default Retirement Age, ie the ability of employers to compulsory retire staff at age 65.

Marc Hommel, pensions partner,says:"Consultation on the removal of the Default Retirement Age will be welcomed by many employers as it recognises the need of employees to save for their retirement over a longer period, making retirement planning both more realistic and affordable on a year-on-year basis. This linked with moves to communicate more clearly the need for employees to plan realistically for their retirement should help re-engage people with long-term saving. PwC believes that employers and employees will be looking for far more flexibility in future workplace retirement practices, recognising increasing diversity in career paths and family circumstances - and that so many people will need to work longer to finance their retirement security. A recent PwC survey of 179 employers (including 38 FTSE100) revealed that 87% of employers believe today's employees will not have sufficient retirement savings, and any move to enable longer and more flexible working is thus to be welcomed."

13.10pm

RE:National Insurance Thresholds

Carol Dempsey, tax partner, says:

" Raising the employers' National Insurance thresholds will be welcomed by employers."

13.07pm

RE: Tax credits

Leonie Kerswill, tax partner said:

"Higher income families will no longer be eligible but at the same time we hope the changes will introduce simplification to ensure that those most in need can benefit."

13.05pm

John Hawksworth, head of maccroeconomics, says:

"The Chancellor has set an ambitious target for eliminating the structural current deficit by the end of this Parliament. To achieve this the Chancellor has increased real cuts in departmental spending from £44 billion to £61 billion. Unprotected departments excluding health and international development will face real cuts of 25% over this parliament."

12.40pm

Hawksworth, head of macroeconomics says,

"The Chancellor has set an ambitious target for eliminating the structural current deficit by the end of this Parliament. To achieve this the Chancellor has increased real cuts in departmental spending from £44 billion to £61 billion. Unprotected departments excluding health and international development will face real cuts of 25% over this parliament."

12.31pm

Chancellor rises to speak