diff --git a/Makefile b/Makefile
index cf9e7b378..587eb31ae 100644
--- a/Makefile
+++ b/Makefile
@@ -1,18 +1,29 @@
 SHELL = bash
+# Branch we are working on
 BRANCH := $(or $(APPVEYOR_REPO_BRANCH),$(TRAVIS_BRANCH),$(BUILD_SOURCEBRANCHNAME),$(lastword $(subst /, ,$(GITHUB_REF))),$(shell git rev-parse --abbrev-ref HEAD))
+# Tag of the current commit, if any.  If this is not "" then we are building a release
+RELEASE_TAG := $(shell git tag -l --points-at HEAD)
+# Version of last release (may not be on this branch)
+VERSION := $(shell cat VERSION)
+# Last tag on this branch
 LAST_TAG := $(shell git describe --tags --abbrev=0)
-ifeq ($(BRANCH),$(LAST_TAG))
+# If we are working on a release, override branch to master
+ifdef RELEASE_TAG
 	BRANCH := master
 endif
 TAG_BRANCH := -$(BRANCH)
 BRANCH_PATH := branch/
+# If building HEAD or master then unset TAG_BRANCH and BRANCH_PATH
 ifeq ($(subst HEAD,,$(subst master,,$(BRANCH))),)
 	TAG_BRANCH :=
 	BRANCH_PATH :=
 endif
-TAG := $(shell echo $$(git describe --abbrev=8 --tags | sed 's/-\([0-9]\)-/-00\1-/; s/-\([0-9][0-9]\)-/-0\1-/'))$(TAG_BRANCH)
-NEW_TAG := $(shell echo $(LAST_TAG) | perl -lpe 's/v//; $$_ += 0.01; $$_ = sprintf("v%.2f.0", $$_)')
-ifneq ($(TAG),$(LAST_TAG))
+# Make version suffix -DDD-gCCCCCCCC (D=commits since last relase, C=Commit) or blank
+VERSION_SUFFIX := $(shell git describe --abbrev=8 --tags | perl -lpe 's/^v\d+\.\d+\.\d+//; s/^-(\d+)/"-".sprintf("%03d",$$1)/e;')
+# TAG is current version + number of commits since last release + branch
+TAG := $(VERSION)$(VERSION_SUFFIX)$(TAG_BRANCH)
+NEXT_VERSION := $(shell echo $(VERSION) | perl -lpe 's/v//; $$_ += 0.01; $$_ = sprintf("v%.2f.0", $$_)')
+ifndef RELEASE_TAG
 	TAG := $(TAG)-beta
 endif
 GO_VERSION := $(shell go version)
@@ -44,8 +55,8 @@ vars:
 	@echo SHELL="'$(SHELL)'"
 	@echo BRANCH="'$(BRANCH)'"
 	@echo TAG="'$(TAG)'"
-	@echo LAST_TAG="'$(LAST_TAG)'"
-	@echo NEW_TAG="'$(NEW_TAG)'"
+	@echo VERSION="'$(VERSION)'"
+	@echo NEXT_VERSION="'$(NEXT_VERSION)'"
 	@echo GO_VERSION="'$(GO_VERSION)'"
 	@echo BETA_URL="'$(BETA_URL)'"
 
@@ -192,24 +203,25 @@ serve:	website
 	cd docs && hugo server -v -w
 
 tag:	doc
-	@echo "Old tag is $(LAST_TAG)"
-	@echo "New tag is $(NEW_TAG)"
-	echo -e "package fs\n\n// Version of rclone\nvar Version = \"$(NEW_TAG)\"\n" | gofmt > fs/version.go
-	echo -n "$(NEW_TAG)" > docs/layouts/partials/version.html
-	git tag -s -m "Version $(NEW_TAG)" $(NEW_TAG)
-	bin/make_changelog.py $(LAST_TAG) $(NEW_TAG) > docs/content/changelog.md.new
+	@echo "Old tag is $(VERSION)"
+	@echo "New tag is $(NEXT_VERSION)"
+	echo -e "package fs\n\n// Version of rclone\nvar Version = \"$(NEXT_VERSION)\"\n" | gofmt > fs/version.go
+	echo -n "$(NEXT_VERSION)" > docs/layouts/partials/version.html
+	echo "$(NEXT_VERSION)" > VERSION
+	git tag -s -m "Version $(NEXT_VERSION)" $(NEXT_VERSION)
+	bin/make_changelog.py $(LAST_TAG) $(NEXT_VERSION) > docs/content/changelog.md.new
 	mv docs/content/changelog.md.new docs/content/changelog.md
 	@echo "Edit the new changelog in docs/content/changelog.md"
 	@echo "Then commit all the changes"
-	@echo git commit -m \"Version $(NEW_TAG)\" -a -v
+	@echo git commit -m \"Version $(NEXT_VERSION)\" -a -v
 	@echo "And finally run make retag before make cross etc"
 
 retag:
-	git tag -f -s -m "Version $(LAST_TAG)" $(LAST_TAG)
+	git tag -f -s -m "Version $(VERSION)" $(VERSION)
 
 startdev:
-	echo -e "package fs\n\n// Version of rclone\nvar Version = \"$(LAST_TAG)-DEV\"\n" | gofmt > fs/version.go
-	git commit -m "Start $(LAST_TAG)-DEV development" fs/version.go
+	echo -e "package fs\n\n// Version of rclone\nvar Version = \"$(VERSION)-DEV\"\n" | gofmt > fs/version.go
+	git commit -m "Start $(VERSION)-DEV development" fs/version.go
 
 winzip:
 	zip -9 rclone-$(TAG).zip rclone.exe
diff --git a/RELEASE.md b/RELEASE.md
index f32210b66..04886189e 100644
--- a/RELEASE.md
+++ b/RELEASE.md
@@ -48,26 +48,45 @@ Can be fixed with
     * GO111MODULE=on go mod vendor
  
 
-Making a point release.  If rclone needs a point release due to some
-horrendous bug, then
-  * git branch v1.XX v1.XX-fixes
+## Making a point release
+
+If rclone needs a point release due to some horrendous bug:
+
+First make the release branch.  If this is a second point release then
+this will be done already.
+
+  * BASE_TAG=v1.XX          # eg v1.49
+  * NEW_TAG=${BASE_TAG}.Y   # eg v1.49.1
+  * echo $BASE_TAG $NEW_TAG # v1.49 v1.49.1
+  * git branch ${BASE_TAG} ${BASE_TAG}-fixes
+
+Now
+
+  * git co ${BASE_TAG}-fixes
   * git cherry-pick any fixes
   * Test (see above)
   * make NEW_TAG=v1.XX.1 tag
   * edit docs/content/changelog.md
-  * make TAG=v1.43.1 doc
-  * git commit -a -v -m "Version v1.XX.1"
-  * git tag -d -v1.XX.1
-  * git tag -s -m "Version v1.XX.1" v1.XX.1
-  * git push --tags -u origin v1.XX-fixes
-  * make BRANCH_PATH= TAG=v1.43.1 fetch_binaries
-  * make TAG=v1.43.1 tarball
-  * make TAG=v1.43.1 sign_upload
-  * make TAG=v1.43.1 check_sign
-  * make TAG=v1.43.1 upload
-  * make TAG=v1.43.1 upload_website
-  * make TAG=v1.43.1 upload_github
-  * NB this overwrites the current beta so after the release, rebuild the last travis build
+  * make TAG=${NEW_TAG} doc
+  * git commit -a -v -m "Version ${NEW_TAG}"
+  * git tag -d ${NEW_TAG}
+  * git tag -s -m "Version ${NEW_TAG}" ${NEW_TAG}
+  * git push --tags -u origin ${BASE_TAG}-fixes
+  * Wait for builds to complete
+  * make BRANCH_PATH= TAG=${NEW_TAG} fetch_binaries
+  * make TAG=${NEW_TAG} tarball
+  * make TAG=${NEW_TAG} sign_upload
+  * make TAG=${NEW_TAG} check_sign
+  * make TAG=${NEW_TAG} upload
+  * make TAG=${NEW_TAG} upload_website
+  * make TAG=${NEW_TAG} upload_github
+  * NB this overwrites the current beta so we need to do this
+  * git co master
+  * make LAST_TAG=${NEW_TAG} startdev
+  * # cherry pick the changes to the changelog and VERSION
+  * git checkout ${BASE_TAG}-fixes VERSION docs/content/changelog.md
+  * git commit --amend
+  * git push
   * Announce!
 
 ## Making a manual build of docker
diff --git a/VERSION b/VERSION
new file mode 100644
index 000000000..d16171d45
--- /dev/null
+++ b/VERSION
@@ -0,0 +1 @@
+v1.49.3