The June 2010 Budget

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George Osborne's "Emergency Budget" was rebranded the less alarming "June Budget" but the content remained serious. With the aim of balancing the books by 2016, the Chancellor set about maintaining the Conservatives' pre-election promise to clear the deficit with an 80:20 split between spending cuts and tax rises. In fact the new Office for Budget Responsibility predicts that the books will balance by 2015 - a year earlier than planned.

In addition to large departmental spending cuts, we also saw public sector pay freezes, a range of freezes, caps and limits on housing benefit, tax credits, disability living allowance and the linking of benefits to the Consumer Prices Index rather than the Retail Prices Index.

On the tax side, corporation tax will drop to 24% over the next four years, capital allowances and the annual investment allowance are down, and capital gains tax is going up to 28% from midnight tonight for higher tax rate payers.

Here are the headline tax issues as we see them.