Today’s Budget was hotly anticipated, with many commentators expecting the Government to refocus its attention on the ‘domestic tax and spend agenda’ having put Brexit to bed.
That was before the Coronavirus outbreak of course, and it is of no surprise that Rishi Sunak, appointed to the role only weeks ago, would be forced to act.
With global stock markets facing unprecedented pressures and an emergency interest rate cut by the Bank of England announced only hours earlier, the Chancellor took to the dispatch box to announce a £30bn package of measures to stimulate the UK economy.
The question on everyone’s minds, however, is how these emergency and other spending measures announced will be paid for.
Top of the agenda was, as predicted, a cut to Entrepreneurs’ Relief. Although the Government stopped short of scrapping the relief entirely the allowance has now been significantly curtailed.
However, it could have been a lot worse. Rumours of a potential attack on Inheritance Tax and pensions reliefs have turned out to be unfounded … at least for now. If anything is certain, though, it’s that this Government is going to need to borrow.
We have put together our usual ‘Top Ten’ to distil the main measures announced today that we think will be of interest to our clients and professional contacts.
As ever, we welcome the opportunity to discuss how today’s Budget affects you and/or your clients’ affairs.
Please click the link below to access our Budget summary:
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