- Budget Day started with an announcement by the Bank of England that the base interest rate will reduce from 0.75% to 0.25%.
- Income Tax allowances and thresholds remain unchanged.
- The ISA allowance remains at £20,000 but the Junior ISA contribution limit rises to £9,000.
- Pension Annual Allowance remains at £40,000 but tapering does not begin until threshold incomes are above £200,000.
- The National Insurance primary threshold limit rises to £9,500.
- The CGT annual exemption rises to £12,300.
- There is a reduction in the allowance for entrepreneur’s relief from £10 million to £1 million.
- Fuel duty and duty on alcoholic drinks has been frozen.
- Changes to sick pay were introduced designed to help those with Coronavirus (COVID-19) or symptoms that keep them off work.
- Business Rates have been removed for the next financial year for the majority of small businesses.
For further details please click on the following link to: Technical Connections Budget Analysis – Spring 2020
Budget Headlines – Spring 2020