Spring 2020 Budget

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’.

Our summary focuses on the tax measures which may affect you, your family and your business and can be downloaded here.

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.
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.

Spring 2020 Budget