Following the UK’s departure from the EU, Chancellor Rishi Sunak presented the 2020 Budget against a backdrop of economic uncertainty caused by the spread of the coronavirus.
Our Budget newsletter provides an overview of the key announcements arising from the Chancellor’s speech. Key points include a reduction in the Entrepreneur’s Relief limit from £10 million to £1 million, leading to an increase in the amount of Capital Gains Tax entrepreneurs selling their business may have to pay, together with changes to Statutory Sick Pay for employees advised to self-isolate because of the coronavirus.
Individuals will benefit from a rise in the national insurance contribution (NIC) threshold from £8,632 to £9,500.
Additionally, throughout the newsletter you will find informative comments to help you assess the effect that the proposed changes may have on you personally.
Click here to read a summary of all the key points from the Spring Budget.
Please do not hesitate to contact your adviser if you have any further questions.