After the problems created in October 2007 by lack of consultation on capital gains tax and 'non-dom' residency rules, Chancellor Alistair Darling managed to deliver what many have cruelly called a 'boring' Budget but one that – behind all the headlines – was actually rather more 'bracing' for high net worth individuals.

In particular – despite much indignant focus on Chancellor Alistair Darling's ailing public finances and lack of room for manoeuvre if the current gloomy economic climate turns any harsher – entrepreneurs, small businesses and, in a remarkably direct boost, women are set to benefit from his 2008 plans for the economy.

Inevitably, more lay in the small print than was revealed in the House but, this time, much of it was good news that favoured entrepreneurs.

First, in a major signal that the importance of encouraging women into business is rocketing up the Government's own agenda, Mr Darling revealed that he had earmarked £12.5m of funds for a venture-capital fund that would plough money into firms owned by women.

The cash will be used to give succour both to budding new female entrepreneurs and those already running their own companies.

And in a further boost, there are also plans to pilot a network of women-only business advice centres across the country, in a bid to help raise the number of female entrepreneurs in the UK.

"Mr Darling revealed that he had earmarked £12.5m for a venture-capital fund that would plough money into firms owned by women."

That's not all for women in business.

In a major victory, husband and wife businesses that currently engage in the practice of 'income shifting' – where one spouse 'transfers' income to the other who pays tax at a lower rate to reduce their joint tax bill – saw an imminent Government crackdown delayed for a further 12 months.

The stay of execution is largely down to Treasury fears that – regardless of the new rules - small business owners would have blithely steamrollered on and ignored the new regulation because of their hideously complicated nature.

Although it looks likely that the Treasury won't change its stance that such income 'shifting' is unjust, it has at least now promised to consult and 'look again' at the issue – winning valuable breathing space for many.

For HNWIs, it didn't stop there: concessions also came thick and fast over controversial plans to raise taxes on foreigners living in Britain.

Although the introduction of a £30,000 annual charge for 'non-dom' residents – those who have been in Britain for over seven years and want to keep their overseas income and gains out of the UK tax net – will still go ahead from April, Mr Darling gave ground on several fronts.

First, those with less than £2,000 a year in overseas income will be exempt; second, children won't have to pay this charge; and finally, overseas trusts will not be taxed unless 'remitted' or unwound in the UK – even if relating to British assets.

Mr Darling also gave a promise that there would be no more change in the tax regime for 'non-doms' "for the lifetime of this parliament and the next".

'Non-doms' had feared that there would be further fierce requirements to disclose information on trust assets but this was also shelved in the Budget – as long as your tax returns are in order, there will be no need to do so.

"Concessions also came thick and fast over controversial plans to raise taxes on foreigners living in Britain."

Although there were other lifts for entrepreneurs – notably a temporary 20% increase in funds through the Small Firms Loan Guarantee scheme to £360m to make it easier for firms to obtain business finance as well as plans to make it easier for small companies to obtain public-sector contracts – they should be set against two major downsides.

This 6 April, a previously-announced increase in corporation tax for small businesses comes into effect, and takes it from 20 per cent to 21 per cent for those making a profit of up to £300,000.

And, critically, major changes to capital gains taxes will apply from the same date – so talk to your specialist tax adviser urgently to see if you need to take action.

From 6 April, the 'tapered' CGT regime that lets you whittle your tax rate down to 10 per cent (on gains over the £9,200 tax threshold) if you held on to your assets for long enough, is to be abandoned.

In its place comes a new flat-rate of 18 per cent – an effective 80 per cent rise – designed to do away with complexity and replace it with transparency but, as with anything of this nature, it brings a panoply of winners and losers.

The principal winners of the new CGT rules are owners of second homes and buy-to-let properties.

As it stands, until 6 April, CGT must paid at 40 per cent on profits above the £9,200 allowance or – if you've held the properties for at least ten years – at 24 per cent.

But from the new tax year, thousands of pounds can be saved by paying tax at the new lower 18 per cent.

And the biggest losers? Well, it had been those entrepreneurs about to retire and due to sell their business for an old-age nest egg who unexpectedly faced a new CGT bill of 18 per cent - instead of the planned-for 10 per cent.

However, a U-turn by Mr Darling in January has now seen the creation of a new lower 'lifetime' rate of 10 per cent for gains of up to £1m – as long as the business owner has at least a 5 per cent stake in the company.

By Sam Dunn