Spring Budget 2020: in brief
After his recent appointment as Chancellor, Rishi Sunek has undertaken the unenviable task of preparing not only his first Budget but the UK’s first as a non-EU member for almost 50 years. We have summarised the key announcements below:
Corporation tax to remain at 19%
NICs pirmary threshold and lower profits limit increased to £9,500
National Living Wage to rise from £8.21 to £8.72 form April 2020
Reformed Employment Allowance for NIC bills below £100,000 from April 2020
Capital Gains Tax - 30 days to pay tax on sale of UK residential property
Capital Gains Tax - final exemption regarding private residences relief reduced from 18 months to 9 months
IR35 - private sector roll out from April 2020 will apply to medium and large sized businesses only, with a soft landing
Entrepreneur’s Relief - lifetime limit reduced from £10m to £1m with immediate effect
Pensions tax - taper threshold increased from £110,000 to £200,000
Business rates - abolished for cinemas for one year
Business rates - 100% business rates retail discount extended to public venues
Business rates - discount increased from £1,000 to £5,000
Employment allowance - increased from £3,000 to £4,000 from April 2020
Fuel duty - remains frozen