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.
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