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TAXguide: 06/20 Spring Budget 2020

Technical release

Published: 12 Mar 2020 Update History

Rishi Sunak delivered his first Budget of 2020 on 11 March. The Tax Faculty provides its summary of all the key tax announcements in this TAXguide.

The Tax Faculty provides a comprehensive summary of all tax related announcements in each Budget. This TAXguide outlines the announcements in the Spring Budget 2020, including:

  • the reduction in the lifetime limit for entrepreneurs’ relief from £10m to £1m;
  • increasing the research and development expenditure credit (RDEC) and structures and buildings allowance (SBA) rates;
  • reductions in business rates;
  • changes to the pensions annual allowance rules;
  • the reintroduction of postponed accounting for VAT on imports of goods;
  • the VAT zero-rating of e-publications; and
  • retaining the 19% corporation tax rate.
Tax Faculty

This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.

TAXguide 06/20

PDF (466kb)

Tax Faculty members and ICAEW members can download this guidance in full.