The UK general election in May was followed by a month of uncertainty as the Conservatives worked to form a coalition and then produce their June emergency Budget to achieve necessary deficit reduction.

The budget saw tax increases for all but the lowest paid. Capital gains tax was, however, maintained at a maximum of 28% for higher rate taxpayers rather than being brought into line with marginal income tax rates as predicted by many.

Pension tax relief has been reduced with the annual limit for tax relieved pension contributions being cut from £255,000 to £50,000 from April 2011 and the lifetime allowance to be reduced from £1.8m to £1.5m.

We responded to over 60 official consultation papers during the year including several on proposals for changes to the pension, welfare, and regulatory systems.

This high level of engagement has been important at a time of extensive, rapid change under a new administration.