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Dodds Odds for Budget 2020

Tomorrow’s Budget is likely to be one of the most significant for many years and our team of tax specialists will provide detailed commentary on the main tax changes tomorrow afternoon once we have reviewed all of the Budget documentation that is issued by the Government.

So what tax changes do we expect the new Chancellor to announce tomorrow?  Given that it is the Cheltenham racing festival this week, we thought it appropriate to list our predictions as if we were a turf accountant!

  • Evens: Increase in employer’s NIC rebate (Employment Allowance) from £3,000 to £4,000
  • 2-1: Increase in NIC threshold from £8,632 to £9,500
  • 3-1: Significant changes to Entrepreneurs’ Relief (Capital Gains Tax)
  • 5-1: Changes to pension tax relief – increase of tapering threshold
  • 10-1: Extra time to pay tax liabilities to HMRC
  • 20-1: Increase in fuel duty
  • 50-1: Restriction on business/agricultural property relief (inheritance tax)
  • 100-1: Reduction in Stamp Duty Land Tax
  • Non-starters: Abolition of beer and wine duties!
Keep an eye on your inbox, our website or our social media channels tomorrow to find out exactly what the changes will mean for you!

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May 28

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