2020 Budget - what to expect

11 Mar 2020

Chancellor Rishi Sunak will deliver the 2020 Budget speech today at 12:30pm. We will keep you up to date on the key Budget announcements and supply a full summary, which will appear on our website tomorrow morning.

The 2020 Budget is the Chancellor's first and the first to be delivered following the UK's departure from the EU in January.

Speculation is rife that the Chancellor will announce additional funds to help combat the spread of coronavirus. Speaking recently, Mr Sunak stated that the government will give the NHS 'all the support it needs' to minimise the spread of the virus, and that it will consider options to provide 'temporary support to small businesses'.

Additionally, the Chancellor is likely to abolish the so-called 'tampon tax', reducing the VAT rate on sanitary products to zero. The government was previously unable to change the VAT rate applicable to sanitary products because of EU rules.

Some experts expect the Chancellor to abolish Entrepreneurs' Relief (ER), which gives access to a 10% rate of capital gains tax (CGT), subject to a lifetime limit of £10 million. The Institute for Fiscal Studies (IFS) has advocated the scrapping of ER. However, the Federation of Small Businesses (FSB) has called for the government to reform the scheme, rather than scrap it.

Meanwhile, many believe that Mr Sunak will make announcements on faster broadband; extra funding for individuals affected by the floods caused by storms Ciara, Dennis and Jorge; and funding to help tackle the climate change crisis.

The Chancellor is not expected to alter income tax, VAT or national insurance after the Conservative Party pledged not to raise these in its General Election manifesto.

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022

Cheddar

Bath Street
Cheddar
Somerset
BS27 3AA

01934 743274


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.