Nearly 17 months is a long time in tax without a major fiscal event, and October 2018 was the last time a Chancellor stood at the despatch box and delivered a Financial report and Budget. Finally, yesterday was the turn of new Chancellor Rishi Sunak to deliver his first Budget. Generally overshadowed by a number of announcements of economic support for the Coronavirus crisis and infrastructure in general ( £200Bn in extra gross spending), wholesale tax changes were put on ice. However there were a few announcements of tax interest. The much expected abolishment of Entrepreneurs’ relief did not happen, instead the lifetime limits were reduced substantially so as to only benefit much smaller or a smaller proportion of business sales in the future. There were more pension relief restrictions for high earners, National Insurance changes and an increase in R&D reliefs.
You can read our edition of the Chancellor’s 2020 Budget Statement here
If you have any questions about how some of these changes affect you or your business please contact Mark Moore
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