Briefing - 13 March 2020

Hawksford UK 2020 Budget Report

Chancellor Rishi Sunak’s first budget was heralded as the Infrastructure Budget and while many plans were announced for Infrastructure spending, what grabbed the headlines was the £30bn stimulus package to support the economy through the COVID 19 pandemic. These included Statutory Sick Pay for employees who self-isolate and a pledge to give the National Health Service whatever it needs.

Detailed proposals included reducing entrepreneurs relief lifetime limited from £10m to £1m, scrapping VAT on digital publications and sanitary products and introducing a Stamp Duty Land Tax Surcharge of 2% for non-resident purchasers of UK residential property.  Also lettings relief available to  individuals who have let out there principal private residence is to be scrapped from 6 April 2020 and in a big change, any Capital Gains Tax on residential property needs to be paid within 30 days of disposal after 6 April 2020.

The report also provides a 2020/21 tax calendar on page 16 which details many of the important dates and deadlines for the coming tax year.

Please fill out the form below and a copy of the Hawksford UK Office 2020 Budget Report will be emailed to you. 

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