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 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.