Is the Chancellor really helping families? Will Budget measures make life easier for first-time buyers? How much extra will smokers, drinkers and drivers actually end up paying? Put your questions to Jan Ellis, of Blick Rothenberg chartered accountants, who will answer a representative selection. Click here to send your question.

Q: Could you please guide me on the planned sale of a second home in the UK? I am about to sell an apartment I have had for eight years and would like to know the advantages of selling before or after the new 18 per cent CGT rate. If I market my property before April 6 and complete after this date will the 18 per cent rate still apply Simon Mansfield

A: The important date to bear in mind when planning your tax liability is the day you exchange contracts on the apartment, not the day the sale completes.

You could save 10 per cent by waiting until after April 5 to exchange.

If you exchange contracts before the end of the tax year on April 5 2008, the taxable gain, after your annual tax-free exemption of £9,600, will be at your top rate of tax less taper relief that reduces your effective rate to 28 per cent if you are a higher rate taxpayer.

However, if you exchange contracts after 6 April, you will pay tax at just 18 per cent on any profit you have made over the annual exemption. JE

Q: Was there any mention about income shifting in the budget? Mike Ellis

The background to this question begins with the Arctic Systems case. This was a husband and wife company, where the shares were owned 50/50 by the couple. The husband was an IT consultant and his wife answered the phone, kept the records and made appointments for him. She took a small salary that was less than the market rate, but both husband and wife received dividends. HMRC argued that in this circumstance the husband should pay tax on his wife’s dividends.

HMRC lost the case in the Court of Appeal and again in the House of Lords last year. A consultation document on the whole area followed.

Whilst income splitting was not mentioned in the speech, one of the press notices on the Treasury website states that following responses to the consultation, new legislation will be introduced next year, not this. JE

Q: How will the Budget affect Scotland and how will it affect students, particularly in Scotland? Claire, Edinburgh

A: Scotland has the same tax rules as the rest of the UK and this Budget confirmed the abolition of the 10p rate of income tax. This could impact on student finances across the UK because it means holiday earnings over the personal tax-free allowance of £5,435 will now be hit by a 20 per cent tax as opposed to 10 per cent. Another change in the budget that could have a negative effect on students’ pockets is that tax rates on beer are up 4p a pint, 14p on a bottle of wine, 55p on a bottle of spirits, while duty on cigarettes is up 11p a packet. JE

Q: Did the Chancellor say anything about gift aid and charities apart from the reduction in basic rate tax already announced Rowena Wells

A: Following on from the reduction in the basic tax rate, charities were gearing up for a cut in the value of gift aid. A donation of £78 made by a lower rate taxpayer would have been worth £100 after the 22 per cent gift aid boost, but with a 20 per cent tax rate in force, the charity would get £2.50 less on this gift. However, in the Budget, the Chancellor announced an unexpected concession meaning for three further years, charities will benefit from donations being treated as if there were still a 22 per cent rate. JE

Q: Surely the £250 fuel allowance for the over 60s is per household, not each? Frank Greaney, Formby, Liverpool

Q: Did the chancellor say there would be an allowance for Fuel Credit for over 60's? If so how does one go about claiming this allowance? Roy White, Runcorn

Q: My wife will be 80 later this month and I will be 78 in July. Previously we have received £100 each as a winter fuel payment, but I am not clear exactly what we will receive in 2008. Will I receive, at age 78, £250 and my wife £400 or, as I suspect, will it be less? Richard Mottershead, Warwickshire.

Q: My mother is 89 in august and I was 64 in January. How will the budget affect us, especially with regards to the winter fuel allowance? Irene, Wiltshire

A: Those eligible for the winter fuel allowance automatically receive it. The benefit is given per household based on the age of the oldest person in the household. Previously Richard and his wife got a combined £200. Now, with his wife being older, they will get a combined £400. If Irene and her mother live together, their position is the same and they will get a combined £400. JE

Q: Has there been any change to the VAT threshold for small businesses? Martin

A: The VAT registration limit has gone up from £64,000 to £67,000. JE

Q: What are the changes to CGT?

A: The pre-Budget report last year announced new rules meaning that from April 6 this year there will be a fixed rate of 18 per cent and taper relief, or indexation allowance, will be scrapped. Also from April 6, a new entrepreneurs' relief for people selling a trading business comes into effect. This allows for tax set at just 10 per cent to be paid on the first £1m of gain. JE

Q: We are in the process of purchasing a two bedroom flat under the shared ownership scheme: the full price for the flat is £185,000, and we are buying 50 per cent. We were originally told we would need to pay stamp duty on our 50 per cent share however, in light of today's Budget announcements; will we still need to pay this? Are Darling's announcements effective as of today? We have paid a £500 deposit for the flat but are yet to agree a mortgage and exchange contracts etc. Emma, UK

A: There is no specific Budget Note on this point, but a Treasury press release says this change is effective from today. JE

Q: I have some EMI share options in my company. How does the Budget affect me? Toby, London

A: The Budget report did include an announcement on new rules regarding Enterprise Management Incentive shares. These measures bring the maximum value of shares options issued to an individual to £120,000 from the previous £100,000 limit. In addition, there is also a new limit on the size of company allowed to issue EMIs. If a company has any more than 250 employees it cannot issue EMI options.

These changes will not affect you, but the change in the rules on capital gains tax that come into force on 6 April will.

The new framework makes EMI options much less attractive than they used to be, meaning you will pay the normal capital gains tax rate of 18 per cent unless you are eligible for entrepreneurs’ relief.

To qualify for this relief, you must have exercised your option and paid for your shares more than a year before selling them, and also have 5 per cent of the ordinary shares and voting rights in the company.

You will not get the relief if your options are only exercisable on sale (which many are), or if your percentage interest (the proportion of ordinary shares) is not high enough. JE

Q: Which sectors of society are most affected by the Budget? Does the Budget today change the UK’s international competitiveness? Anika, Ashford

A: The budget changes affect many people in various ways. The general ‘losers’ are non-doms as well as lower earners and smaller companies.

The poorest in society are adversely affected by the loss of the 10 per cent tax rate. People with small companies will pay higher rates of corporation tax, while people on middle-income levels, earning £40,000 and above will pay extra national insurance of £10 per week.

The general winners are big business, with a reduction of 2p in the top corporation tax rates.

The other people most affected are people making capital gains.

However, the new simpler rules produce winners, including owners of second homes and buy-to-let properties, who will pay less tax under the new rules.

Losers in this respect include those who have held assets since 1982, or those trying to sell their trading company, or sold a company last year with some of the money not paid until after April 6th who will pay more tax under the new rules.

Regards competitiveness, the Budget today probably helps to manage the fallout from the pre-Budget Report, when sudden changes to capital gains tax and non-doms, without consultation, and partial retractions later, are felt to have done harm. The messages coming out of today’s announcements were of no surprises and long-term certainty. These messages are important to building the credibility of the UK internationally. JE

Q: Mr Darling said small business tax will be made simpler and also that corporation tax would fall from 38 per cent to 28 per cent this April. Can you give more details as to what that means?

Steve Farrell, Bristol

A: Mr Darling made a mistake when he said aloud 38 per cent.

In fact, the rate is dropping from 30 per cent to 28 per cent for large companies, but increasing from 20 per cent to 21 per cent (and up again to 22 per cent next April) for small companies.

A large company is deemed to be one with profits over £1.5m and a small company one with profits under £300,000. Where there are a group of associated companies, these limits are divided-up between those businesses.

Companies with profits between the small and large business rate thresholds pay corporation tax on a sliding scale reflecting their profits. JE

Q: I hear that the Chancellor is going to make taxation simpler for small businesses - has he said how? Barry Wheatley, Woodstock, Oxfordshire

A: The Chancellor announced a simplification review but changes to capital allowances make this much more complicated for small companies. Increases to penalty regimes for making mistakes are also unhelpful. The most positive announcement is the delay to any changes for income splitting (see above). Corporation tax rates have increased for small companies with a further increase in 2009, but small companies spending £50,000 will get 100 per cent relief on this amount, which should mitigate the pain for some businesses. JE

Q: Has the stamp duty threshold gone up in this Budget? Alison Smith

Q: Has any announcement been made on stamp duty thresholds? Also, what effect is the budget likely to have on the LIBOR rate? Roni, Aveley

A: Stamp duty land tax thresholds remain unchanged. However, the Chancellor announced that there will be a stamp duty relief for purchasers of shared equity homes. The change means stamp duty land tax will not be payable until the purchaser acquires 80 per cent or more of the equity.

I would not expect the Budget announcements to have a direct effect on the LIBOR rate, particularly as many of the changes had already been pre-announced as long ago as last year's Budget. JE

Q: Will the Chancellor increase vehicle excise duty and, if so, will the new rates apply to existing vehicles or to new vehicles that are first registered after today? Louise Dale, Redcar, Cleveland

Q: Have there been any change to the car tax banding? Colin,UK

A: Vehicle Excise Duty (VED) is being increased for most vehicles except for the least polluting and with emissions below 120 g/km. VED on these vehicles in Band A and B will not increase.

From April 5, there is an increase of £5 in VED on vehicles in bands C to F (vehicles with CO2 emissions between 101 and 225 g/km), bringing the cost of giving VED rates in these bands up to £120 for band C and £210 for band F vehicles.

An increase of £100 applies to vehicles registered from 23 March 2003 in band G (CO2 emissions above 225 g/km), meaning a VED rate of £400 up from £300.

From next year, vehicles will be put in one of six new bands.

The top band - band M - will be for those vehicles which emit more than 255g of carbon dioxide per kilometre (CO2/km) driven. The second-highest band - Band L - is for cars emitting between 226g and 255g of CO2/km.

The Chancellor also announced a major reform of VED from 2009, with a special first year rate to apply to all new cars from 2010 of up to £950 for cars the most polluting cars. JE

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