Summary of key points for business:

• An extra £200 million funding available through the Enterprise Finance Guarantee Scheme until 31 March 2011
• Plans to introduce “Regional Growth Funds” and a Growth Capital Fund from next year to kick-start innovation and enterprise
• Exempting start-up firms outside London and the South East from National Insurance on the first ten workers they employ. This tax break could be worth up to £50,000 for approximately 400,000 businesses over the next three years.
• Cut in corporation tax from 21% to 20% for small businesses next year
• Cut in the general rate of corporation tax by 1% a year for the next four years – down to 24%
• A 2.5% rise in VAT to 20% from 4 January, a move that will hit retailers in particular
• Increasing the Entrepreneurs Relief on Capital Gains Tax from £2 million to £5 million
• Reducing capital allowances
• Scrapping plans to bring in a tax-relief for the software industry
• Support for super-fast broadband, particularly in rural areas
• Drawing up detailed proposals for the creation of a Green Investment Bank to support low carbon projects

HM Treasury 23.6.10