George Osborne has declared the date of his first Budget, Tuesday 22 June 2010. It's difficult to call any significant changes to the tax system due to the emerging news on higher than expected inflation. A VAT increase, from 17.5% to 20% would feed into the cost of living index and increase inflation in the short term. So we may see this increase deferred until early next year when the previous increase in VAT has worked itself out of the numbers.
There is continued speculation in the financial press that disposals of non-business assets (shares, investment property, etc) will be taxed as income and therefore subject to the disposers highest rate of tax; potentially 40% or even 50%. CGT basic rate is currently 18%.
We will of course advise you of the Budget changes as soon as the detail is available.