2020 Budget Summary

16/03/2020

Our summary of the Chancellor’s 2020 Budget is now available (download PDF).

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.

Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech.

  • Measures include a capital gains tax reduction in the Entrepreneurs’ Relief being applied to all disposals on or after 11 March 2020, with the amount of lifetime gains qualifying for Entrepreneurs’ Relief reducing from £10 million to £1 million.
  • There is welcome relief for employers with fewer than 250 employees who will be able to reclaim 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.

Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.

If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch.

Budget Summary 2020 PDF

Prydis

This article was written by Prydis

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