“Getting it done” is the soundbite Chancellor Rishi Sunak clearly wanted us to take away from his debut Budget speech, but “giving it away” might be more accurate.
The Government’s substantial majority gave Sunak carte blanche to overhaul taxes but, in the end, there were relatively few substantial changes.
Instead, one announcement after another was made on investment in public services, roads and railways. With the coronavirus (COVID-19) high on the agenda, there were also emergency measures designed to provide respite for beleaguered businesses and to protect jobs.
The main rate of corporation tax was due to reduce from 19% to 17% next month. That no longer goes ahead – but we knew that already.
Changes to capital gains tax will also proceed as planned. A 30-day window for paying capital gains tax on property sales kicks in from 6 April, at the same time as changes to lettings relief and private residence relief.
And, as promised in the Conservative Party manifesto before the election late last year, there were no increases to the rates for income tax, VAT or National Insurance.
The way in which tax charges (or tax relief, as appropriate) are applied depends up individual circumstances and may be subject to future change.
The information in the budget reports are based on our understanding of the Spring Budget 2020, in respect of which specific implementation details may change when the final legislation and supporting documentation are published.
The document is solely for information purposes and nothing in it is intended to constitute advice or a recommendation. You should not make any investment decisions based on its content.
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