As first time buyers (or at least those who didn't elect to buy in the three month period between the ending of the previous stamp duty holiday and the beginning of the newly announced GBP250,000 exemption threshold) rejoice, and cider drinkers and wealthier taxpayers drown their sorrows, although probably not with the same choice of tipple, small businesses are likely to have been agreeably surprised - albeit not exactly bowled over - by what Chancellor Darling's budget contained for them.

Announcing that there would be no further changes made in the area of national insurance, beyond the previously announced 1% increase (from April 2011) in National Insurance Contributions affecting all those in employment who earn more than GBP20,000 per year, the Chancellor also revealed that the status quo would be maintained with regard to capital gains tax, VAT and corporate income tax, although he revealed that the 50% rate for individuals earning more than GBP150,000 would go ahead in April of this year as planned.

Further announcing that inheritance tax rates would be frozen for four years, Darling went on to unveil several measures likely to be of interest to small and medium-sized enterprises (SMEs), micro-businesses and the self-employed entrepreneur, especially in view of the recent lean economic period.

First off, the Chancellor announced that agreements had been reached with state-subsidised banks Royal Bank of Scotland and Lloyds TSB that lending to businesses will be increased over the coming year, with a minimum of half of the GBP94bn agreed going to benefit SMEs.

This is likely to have come as something of relief to many small businesses, as a recent survey conducted by the Entrepreneurs Organization and Investec Specialist Private Bank suggested that entrepreneurs in the United Kingdom were, in an increasing number of cases, being forced to finance, or part-finance, their start-ups using credit cards, private equity investment, or loans from friends and family.

Outlining his intentions in this area, Darling explained that:

"Together with the Business Secretary, I have been working to find effective ways to: Enable small businesses to grow; invest in key national infrastructure and skills; as well as promote research, innovation and enterprise."

To this end, he announced the creation of the 'UK Finance for Growth' investment corporation, which will provide assistance to small businesses in terms of negotiating the red tape maze, in addition to administering the GBP4bn in other support currently available to UK businesses.

According to the Chancellor:

"This will also include a new Growth Capital Fund, which will have a specific role in providing fast-growing companies with the private capital they need. Commercial banks have so far agreed to contribute over half of the GBP200m committed to this fund. It will eventually provide GBP500m of finance."

A 15% increase in the number of government contracts awarded to SMEs was also pledged, and the 'time to pay' scheme, which the Chancellor argued has "helped businesses spread GBP5bn worth of tax payments over a timetable they can afford" was extended for the whole of the next Parliament.

He went on to announce that business rates would be cut for one year from October 2010, and revealed that in order to aid business expansion, the annual investment allowance would be doubled to GBP100,000.

Darling also stressed the need to "make it more attractive for wealth-creators and innovators to set-up their own businesses", revealing that:

"To do this, I am doubling entrepreneurs’ relief for Capital Gains Tax. At the moment, the first million pounds of lifetime gains are taxed at a lower rate of 10%, rather than the main rate of 18%. This threshold will now increase to GBP2m, enabling entrepreneurs to benefit more from their effort and investment."