The Chancellor announced a crackdown on tax avoidance schemes - but left a range of tax levies unchanged.
He also unveiled plans to launch a review into improving the alignment of national insurance and income tax systems in a bid to boost low paid workers.
Mr Brown plans to raise, in 2006/2007, an extra £295 million from moves to address tax avoidance in financial prod-ucts, capital gains, income and
value-added tax. The battleplan includes a measure to counter avoidance of capital gains.
The aim is to to ensure that individuals and trustees cannot exploit "bed and breakfasting" rules - the parking of assets between the end of one tax year and the beginning of the next - to avoid tax on disposals of shares and other securities.
Other measures included initiatives to block schemes including: n The avoidance of tax on interest on cash using stock lending arrangements or noncommercial terms. n Arrangements involving purchase and sale of rights to distributions on shares used by financial traders to create tax losses.
Mr Brown said since 1997, corporation tax had been cut from 33p to 30p and small business tax from 23p to 19p.
Capital gain tax for long term business assets had been dropped from 40p to 10p.
Mr Brown said he agreed with employers who suggested that, for low paid workers, there was a case for better alignment of the national insurance and income tax systems.
He announced "a review in time for a consultation after the pre-Budget report".
Mr Brown said that insurance premium tax, the aggregates levy, air passenger duty and corporation tax rates would remain unchanged. The Chancellor also unveiled plans to refocus tax incentives for venture capital, with a 30 per cent relief for investments in venture capital trusts.
He added that twice as much investment as before would be eligible for income tax relief in e nterprise investment schemes.
Chartered accountants in the West Midlands described the Chancellor's statement as a "failure to reform" budget that only applied short term sticking plaster to areas where more long term actions was required.
Adrian Jones of the Birmingham & West Midlands Society of Chartered Accountants said: "We were looking for a reforming budget but instead, the Chancellor has taken a short term view by putting sticking plaster over those areas where more fundamental reform is long overdue."
Midlands head of tax for P ricewaterhouseCoopers David John said: " While there has been good track record in encouraging enterprise and start-ups, we now need to see plans and tax incentives to help these businesses grow and succeed. Too many - nearly one third - don't last beyond three years."
And tax campaigners immediately blasted Mr Brown's b udget as being full of gimmicks.
Matthew Elliott, chief executive of the Taxpayers' Alliance, said: "Taxpayers are going to be very disappointed with the budget which was full of gimmicks that will do nothing to prepare Britain for the actual challenges of the modern world.
"It did nothing to tackle the high levels of tax and regulation that are undermining our competitiveness.
"With our tax burden set to overtake the German tax burden and with Britain falling down the international competitiveness league tables, throwing a bit more cash at our failing educational system will not do anything to help us compete against the likes of India and China."