George Osborne presented his first Budget on Tuesday 22 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. visit our website to download.

If you have any questions please do not hesitate to contact us for
advice.