Budget 2020: Highlights

Budget Update 2020

As Rishi Sunak got up to present his first Budget, many were watching with bated breath to see how he would juggle the contradictory forces of Brexit, Coronavirus, austerity and public services, in the first Budget for a brand-new Chancellor in a brand-new Government.

Coronavirus is, of course, at the forefront of most people’s minds, and Mr. Sunak prioritised measures supporting both the NHS and UK business to ensure we would get through it together. As well as committing a £5 billion emergency response fund for the NHS, with as much as 20% of the country’s workforce predicted to be off work at any one time, measures supporting small business and those unable to work were top of the Chancellor’s list

The Chancellor also focused on infrastructure spending, education, encouraging business development and innovation, housing and the environment. With an evangelical refrain that this would be the Budget that ‘gets it done’, he promised to deliver the change that the British people voted for in the recent election, although Brexit itself barely saw a mention.

Continuing on from the surprise turnaround in the election, which saw traditional Northern worker’s constituencies turning blue, the Budget included significant spending on public services, matched with significant additional borrowings, and so was not a traditional Conservative offering, albeit noticeably absent from any change was the current inheritance tax regime. Overall, a net giveaway by the Government, and lauded by the likes of the OBR, this Budget did what it needed to do, without upsetting too many apple carts in the process. A “miracle job” indeed.  The highlights from today are below.

 

Personal Tax

Corporate Tax 3

VAT

Employment Tax

Infrastructure and Environmental

Coronavirus

Other Tax Measures

What should you do next?

If you would like to find out more about how the Budget will affect you, please contact a member of our specialist tax team.


Also see our...
Budget 2020 Update Webinar

In this webinar recording our expert presenters take you through the technical issues arising from the Budget 2020 and provide a practical assessment of the key announcements and their impact for both businesses and individuals. As ever with the Budget, the devil is in the detail, so our experts have also highlighted issues the Chancellor may not have made obvious in his address to Parliament.

If you would like to watch our webinar to hear our Budget 2020 thoughts, please view it here or click on the button below. 

Watch our webinar

Please note this is a recording. If you have any questions regarding the topics and issues discussed throughout our webinar, please get in touch with your usual Wilkins Kennedy contact or a member of our specialist tax team.

Budget 2020 Update Webinar Slides

Please also find below a downloadable copy of the slides used in our Budget 2020 Update Webinar. 

Download a copy of our slides (PDF)


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