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Spring 2020 Budget Update

by Nicola Crozier / Monday, 16 March 2020 / Published in Financial news

 

Spring 2020 Budget Update Highlights are as follows:

■ The Chancellor announced a
£12 billion “temporary, timely
and targeted” coronavirus
stimulus on top of an £18
billion increase in general public
spending, but tax measures
were relatively few.

■ The pension annual allowance
thresholds will each be
increased by £90,000 from
2020/21, removing taper as
an issue for most people with
incomes under £200,000.

■ The capital gains tax
entrepreneurs’ relief lifetime
limit has been cut from
£10 million to £1 million with
immediate effect.

■ The annual investment limit
for junior ISAs and child trust
funds will be increased to
£9,000 from 2020/21.

■ The national insurance
contributions employment
allowance will increase from
£3,000 to £4,000 from April
2020.

■ There will be a review of the
taxation of funds to make
the UK more attractive for
fund management. It will also
consider the VAT treatment of
fund management fees.

■ From April 2021, only zero
emission vehicles will get 100%
first year allowances. Cars with
emissions up to 50g/km will
have an 18% a year writing
down allowance; for higher
emitters the allowance will be
6% a year.

■ From April 2022, red diesel
(and rebated biofuels) will
only be available to users
for agriculture, rail and noncommercial heating.

■ E-publications (e-books,
e-newspapers, e-magazines
and academic e-journals) will
be VAT zero-rated from
1 December 2020.

Please click on the link below to view the full Spring Budget Update 2020

Spring 2020 Budget Update (PDF)

To contact us please use the link below:

https://vincentthrop.co.uk/contact-us/

 

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The information on this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.

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West Lothian Address

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Mill Road Industrial Estate, Mill Road
Linlithgow
West Lothian
EH49 7SF
United Kingdom

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Oxfordshire
OX28 4BH
United Kingdom

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Vincent Throp Limited is a financial planning consultancy with over two decades’ experience in financial planning and wealth management. Our office is based in Linlithgow, Scotland but we travel throughout the UK to meet with clients.

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