Spring Budget 2020
12 March 2020
Budget day kicked off with an early announcement of a bank interest rate cut. The coronavirus completely overshadowed the Spring Budget 2020 with a £30bn package of measures which the Government has put together to support businesses and individuals.
There were a number of key tax announcements:
- Reduction in the Entrepreneurs’ relief lifetime allowance from £10m to £1m.
- Zero-rating of electronic books and publications from December 2020 – a welcome break in the run up to Christmas.
- Corporation tax to remain at 19%.
- Employees to benefit from zero emission company vehicles.
- No movement on off-payroll reforms.
- VAT Reverse Charge for Construction to go ahead in October.
To read more about the detail click on Daly Park’s Spring Budget 2020 Report and get in touch with your Daly Park Accountant if you need further clarification or advice.