Knowledge & Opinions
12 Mar 2020

UK: Budget Summary 2020 - The £30bn spend

Following the UK’s departure from the EU, Chancellor Rishi Sunak presented the 2020 Budget against a backdrop of economic uncertainty. MSI's London accounting member haysmacintyre provides an overview of the key announcements arising from the Chancellor’s speech. However, it also looks beyond the headlines and offers details on the less-publicised changes that are most likely to have an impact upon your business and your personal finances.

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. 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.
Some Budget proposals may be subject to amendment in the 2020 Autumn Budget and subsequent Finance Act. You should contact us before taking any action as a result of the contents of this summary. You can download the full 2020 UK Budget Summary in pdf format here. If you have any queries, please inform your usual haysmacintyre contact if you have any queries or Katharine Arthur, Tax Partner.

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