With the majority of the key changes having already been announced in either last year's budget or the Pre-Budget Statement in October 2007, Alistair Darling had very little to talk in the 2008 budget

He did, however, manage to speak for 52 minutes and produce a hefty, and not for the faint hearted, 270 pages of associated press releases.

The much publicised "Non-dom" legislation will be effected, levying a flat £30,000 charge to non-UK domicile individuals who have been resident in the UK for at least 7 years out of the past 10.

There is also the introduction of the 18% flat rate of capital gains tax, with the new Entrepreneurs Relief affording a reduction in the effective tax rate for the first £1m of qualifying gains.

The capital allowance regime is subjected to a major overhaul, with reduced rates available in almost all categories of expenditure. The current first year allowance rates for SMEs are replaced by an Annual Investment Allowance of £50,000. The overhaul of the treatment of business expenditure on cars will come into force from 1 April 2009, with the introduction of emissions based allowances.

Green issues are still high on the agenda, with more favourable rates of allowances available for investment into green technology and higher taxes associated with gas guzzling cars.

The transferable IHT band comes into force from 6 April, effectively doubling the £nil rate band for many.

Earlier this year, HMRC produced a consultation document on proposed Income Shifting provisions, which were HMRC's response to their failure to win at the House of Lords in the Arctic Systems case. The proposals potentially affected any individual who gained a tax advantage by shifting part of their income to another person, therefore encompassing a variety of situations, not just husband and wife companies. In the light of the responses received, the Government has decided to extend the period of consultation and new legislation will not come in until 6 April 2009, not 2008 as originally anticipated.

The Chancellor described his budget as "responsible" for promoting security, stability and resilience in what are forecast to be turbulent times ahead.

Bucking the trend of his predecessor, perhaps not being a whisky drinker, Mr Darling increased spirit duty by 55p a bottle - the first rise since 1998!

For more detail and commentary on the impact of these and other announcements follow this link the Budget News 2008.