18 March 2020

haysmacintyre Tax specialists have prepared an in-depth analysis following the Budget, as delivered by Rishi Sunak on Wednesday 11 March 2020, promising that, ‘we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future’.

The 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.

Source: Getty Images

Main Budget tax proposals

The 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 haysmacintyre or E2E before taking any action as a result of the contents of this summary.