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Budget 2020 – Rishi to the Rescue

Against the backdrop of the coronavirus outbreak and a very fast changing economic climate, the new Chancellor had the unenviable task of delivering a Budget that needed to address a number of major short term issues as well as set out the Government’s stall for the next 5 years.

Overall, Rishi Sunak (who took up his new role less than a month ago) delivered a stellar performance with a range of new initiatives that will provide a fiscal stimulus totalling £30 Billion and clearly shows how serious the Government are taking the threat of the coronavirus to the economy.  The NHS, individuals, and businesses were very much in the Chancellor’s focus.

Small businesses received particular attention and they will welcome the various announcements that were made, including the suspension of business rates for certain sectors, a new £3,000 cash grant scheme, a new coronavirus business interruption loan scheme and the government fully covering the cost of statutory sick pay that is paid to employees.

Businesses had been fearful that there would be fundamental changes to Entrepreneurs’ Relief and also Business/Agricultural Property Relief which would result in significantly higher Capital Gains Tax and Inheritance Tax liabilities in the future, but the only downside was a reduction in the £10 million lifetime allowance (for Entrepreneurs’ Relief) to £1 million, which most business owners would accept is a fair and reasonable change.

Looking longer term, the Chancellor committed a huge £600 Billion of spending on roads, rail, broadband and housing over the next 5 years.  With interest rates back down to record lows, the Government doesn’t need a second invitation to take on extra borrowing!

Having not had a Budget for 17 months, we can now look forward to another one later this year and it is hoped that by the time Rishi Sunak delivers his second Budget, the coronavirus will have turned out to be the temporary crisis that he has predicted it to be today.

Click on the headings below to read further information on today’s announcements:

Please click here if you would prefer to read and download our Budget 2020 highlights as a pdf.

Please click here to read our specific Cows & Money Budget update on what this year’s Budget will mean for farmers. 

If you have any queries on the 2020 Budget please do not hesitate to contact one of our tax specialists on 01228 530913 or 01768 864466.

 

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May 28

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