Yesterday, 11 March 2020, the new Chancellor of the Exchequer, Rishi Sunak, presented a Spring Budget with changes that come into effect from the start of the tax year on 6 April. With no Autumn Budget in 2019 due to the general election, many businesses will hope for a return to the main Budget being in the autumn to allow more time to plan for forthcoming changes.
CRM’s Technical Director Alan Sowden has fully reviewed the 2020 Spring Budget announcement documents and has prepared a comprehensive summary of the existing and new changes that will come into force.
With useful planning points and advice included, some of the key changes that might affect you from a personal or business tax perspective are:
- National Insurance for employees and employers plus the self-employed
- Changes to Statutory Sick Pay and other measures in relation to Coronavirus
- Business rates reductions and small business grant
- Changes to Capital Gains Tax on residential property
- Lifetime/Junior ISA changes
- Changes to pension relief for high earners
- Increase in payments for home working