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.
In his speech the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system together with updates on earlier consultations.
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.