Budget 2020 Summary
We are delighted to enclose our summary of the key announcements in the Budget 2020 statement, made on Wednesday 11 March.
The newly appointed Chancellor, Rishi Sunak, announced a spirited Budget with a repeated emphasis on ‘getting things done’, echoing the recent election campaign.
His initial focus was on the short-term measures needed to deal with the challenges the UK faces as a result of the coronavirus pandemic. These amounted to a £12bn fiscal stimulus, with more available if required. There was help for both businesses and individuals.
For the coming year, statutory sick pay will be available to more people and so will some other social security benefits. Business Rates will be reduced or even eliminated for some smaller businesses – at least in the short term. Other immediate support initiatives for smaller businesses include greater access to bank lending, as well as enhancements to the HMRC ‘Time to Pay’ service.
The Chancellor is due to announce another Budget in the Autumn and so there were several consultations about possible future tax changes, including new proposals on the treatment of fund management companies, pension tax administration, and aspects of research and development tax credits.