TAXguide: 06/20 Spring Budget 2020
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 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.
- TAXguide 06/20 will be accessible for Tax Faculty and Faculties online subscribers.
- For more on ICAEW's reaction to the Budget visit icaew.com/budget.
- To access this guide and much more join ICAEW Tax Faculty.