11 March 2020
Budget Speech 2020 - 11th March
Well most of the speech concerned non-tax matters particularly short-term measures regarding The Virus and public expenditure which in the main are not issues for this note.
The only taxation matters I noticed being mentioned in the speech (taking Alcohol duties as non-tax) are:-
- Entrepreneurs Relief - although the tax has not been scrapped it is reduced to £1 million of gain per individual (£2 million for a couple).
- Corporation Tax - rate remaining at 19%
- Tax avoidance - more resources for HMRC.
- NI - employee/self-employed starting rate increased from £8,632 to £9,500
- NI employment allowance increased from £3,000 to £4,000
- Pension contribution tapering rules relaxed