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Budget update 2020-Corporation tax rates confirmed

Corporation tax rates confirmed The corporation tax (CT) main rate is set at 19% for the financial year beginning 1 April 2020. This maintains the rate at 19% rather than reducing it to 17% fro... more


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Budget update 2020-Capital allowances:CO2 emissions and 1st yr allowances

Capital allowances: CO2 emissions thresholds and first year allowances for business cars, zero-emission goods vehicles and equipment for gas refuelling stations The period for which the 100% fi... more


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Budget update 2020-Enhanced capital allowances in Enterprise zones

Enhanced capital allowances in Enterprise zones Enhanced first year allowances for investment in new plant or machinery within designated assisted areas within Enterprise Zones were introduced ... more


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Budget update 2020-Increase in Structures and Buildings allowance for capital allowances

Increase in Structures and Buildings allowance for capital allowances Businesses that incur qualifying expenditure on the construction, renovation or conversion of non-residential structures an... more


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Budget update 2020-Employment Allowance increases for National Insurance

Employment Allowance increases for National Insurance The maximum Employment Allowance that may be claimed by eligible employers will rise by £1,000 to £4,000 from April 2020. more


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Budget update 2020-Changes to top slicing relief on life insurance policy gains

Changes to top slicing relief on life insurance policy gains An amendment to the legislation will allow the personal allowance to be reinstated within the calculation for top slicing relief (TS... more


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Budget update 2020-Capital gains tax: annual exempt amount

Capital gains tax: annual exempt amount The capital gains tax (CGT) annual exempt amount for 2020/21 will rise from £12,000 to £12,300 for individuals and personal representatives a... more


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Budget update 2020-CGT entrepreneurs' relief - reduction in the lifetime limit

CGT entrepreneurs' relief - reduction in the lifetime limit The lifetime limit for capital gains tax (CGT) entrepreneurs' relief is reduced from £10 million to £1 million fo... more


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Budget update 2020-Tax treatment of the Troubles Permanent Disablement Payment Scheme

Tax treatment of the Troubles Permanent Disablement Payment Scheme An exemption from income tax, inheritance tax and capital gains tax applies for payments made under the Troubles Permanent Dis... more


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Budget update Pensions tax changes to income thresholds for calculating the tapered annual allowance

Pensions tax changes to income thresholds for calculating the tapered annual allowance Following an increase in the threshold income and adjusted income, those individuals with a threshold inco... more

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35
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Budget update 2020-Taxation of company cars using CO2 emissions

Taxation of company cars using CO2 emissions As announced at the 2017 Autumn Budget, the carbon dioxide (CO2) emissions figure for the purposes of the company car tax regime and related charges... more


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Budget update 2020/21 Van and car benefits confirmed

2020/21 Van and car benefits confirmed The van benefit charge and the car and van fuel benefit charges will rise in line with the Consumer Price Index (CPI) from 6 April 2020. The flat-rate van... more


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Budget update 2020-Income tax and NI exemptions for bursary payments to care leavers

Income tax and NI exemptions for bursary payments to care leavers The government has confirmed that it will implement all but one of the recommendations made by Sir Amyas Morse in his review of... more


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Budget update 2020-Implementation of recommendations from the independent review of the loan charge

Implementation of recommendations from the independent review of the loan charge The government has confirmed that it will implement all but one of the recommendations made by Sir Amyas Morse i... more


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Budget update 2020-Personal tax allowances and NICs

Personal tax allowances and NICs The personal tax allowance will remain at £12,500 for 2020/21. The Class 1 National Insurance Contributions (NIC) primary threshold will rise to &pou... more