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.
Our summary concentrates on the tax measures which include:
Other measures include:
Previously announced measures include:
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.
Corporation tax rates Corporation tax rates have already been enacted for periods up to 31 March 2021. The main rate
Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic
National Insurance thresholds The government has recently announced National Insurance thresholds for 2020/21. Most thresholds will rise with inflation. Two
VAT E-publications The government will introduce legislation to apply a zero rate of VAT to e-publications from 1 December 2020,
The personal allowance The personal allowance is currently £12,500. Budget 2018 announced that the allowance will remain at the same
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