Budget - March 2020
Business
Corporation tax remains at 19%.
Entrepreneurs' relief will be retained, but the lifetime allowance will be reduced from £10 million to £1 million.
VAT on the sale of digital publications such as e-books, e-magazines & academic journals will be cut from to 20% to 0% from 1 December 2020.
R&D tax credit relief to increase from 12% to 13%.
Employment allowance for small businesses to increase from £3,000 to £4,000 from April 2020.
The business rates for premises with a rateable value below £51,000 for businesses in the retail, hospitality & leisure industries will be 100% discounted for 12 months starting from 1 April 2020.
Employees who claim a fixed cost for working from home will be able to claim £6 per week from 6th April 2020 - this is up from £4 per week.
IR35 changes will go ahead as planned.
Personal tax
The point that employees national insurance kicks in will rise from £8,632 to £9,500, this will save individuals just over £100 a year. However, the point that employers start paying national insurance remains the same.
From 1st January 2021, women’s sanitary products will be reduced from to 20% to 0%.
The capital gains tax allowance will rise from £12,000 to £12,300 from April 2020.
Individuals with income below £200,000 will not see their annual pensions allowance being tapered away - this threshold was previously £110,000.
Additional 2% stamp duty on non-UK residents purchasing residential property from April 2021.
Reliefs on the sale of residential properties (lettings relief and principal private residence relief) have been reduced significantly. From April 2020, landlords who sell their property may face a higher tax bill.
Coronavirus
Statutory sick pay will be paid to all those who choose to self-isolate from day 1, even if they don't have symptoms.
Firms with fewer than 250 staff will be refunded for sick pay payments for two weeks.
A new “time to pay” helpline has been established so that taxpayers can discuss instalment arrangements for payment of their tax liabilities.
Small firms will be able to access "business interruption" loans of up to £1.2 million.