The Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech he stated ‘we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future’. It is a Budget of a government that gets things done’.
Our summary focuses on the tax measures which may affect you, your family and your business.
To help you decipher what was said we have included our own comments. If you have any questions please contact us for advice.
Main Budget tax proposals
Our summary concentrates on the tax measures which include:
- a reduction in the Entrepreneurs’ Relief lifetime limit
- an increase in the Employment Allowance
- an increase in the rate of Structures and Buildings Allowance
- an increase in the Research and Development Expenditure Credit.
Other measures include:
- an increase and extension of business rates discounts
- extended access to Statutory Sick Pay due to coronavirus.
Previously announced measures include:
- the increase to the National Insurance thresholds
- the introduction of off-payroll working for the private sector
- changes to Principal Residence Relief.
Personal Tax – Income tax, savings and reliefs
Business Tax – Corporation tax, R & D, business rates and SSP
Employment Taxes – National Insurance, off-payroll working and the Employment Allowance
Capital Taxes – Capital gains tax and Entrepreneurs’ Relief changes
Other Matters – Various matters, including VAT and insolvency changes
Some Budget proposals may be subject to amendment in the 2020 Autumn Budget and subsequent Finance Act. You should contact us before taking any action as a result of the contents of this summary.
Contact us
If you would like advice relating to the 2020 Budget, get in touch with our team or call 01904 655202:
