2020 BudgetMar. 12, 2020, 5:27pm
Following the UK’s departure from the EU, Chancellor Rishi Sunak presented the 2020 Budget against a backdrop of economic uncertainty caused by the spread of the coronavirus.
So what did the Chancellor say, and more importantly, what did it actually mean?
Our summary of the 2020 budget is now available – click here.
The summary provides an overview of the key announcements arising from the Chancellor’s speech. Measures for business include a Capital Gains tax reduction in the Entrepreners’ Relief lifetime limit from £10 million to £1 million, together with changes to Statutory Sick Pay for employees advised to self-isolate because of the coronavirus.
Individuals will benefit from a rise in the National Insurance Contribution (NIC) threshold from £8,632 to £9,500, alongside the abolishment of the 5% VAT rate charged on sanitary products.
Written in plain English, we have summarised the main areas of taxation, including business and corporate, employment, personal and capital. We have also included our observations on the more important changes, together with any planning points that may arise.
We hope the summary will provide you with a useful update and allow you to get to grips with the changes. It will remain on our site for you to refer to as and when you need it, but if you have any questions, don’t forget we are here to help you navigate and plan your way through the tax maze.