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)
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