New Forest

12/11/2019

When will budget day be?

It was announced on 14 October that Sajid Javid’s first budget would be on 6 November but with a general election in December when will it be now?

The current political uncertainty makes it difficult to give clear tax advice as a number of key proposals in the draft Finance Bill scheduled to take effect from April 2020 might not now take place, due to the December general election.

The key tax measures “in limbo” until legislated in Finance Act 2020 are:

  • Extending the “off-payroll” working rules to the private sector
  • Restricting R&D repayable credit for SMEs
  • Limiting CGT private residence and lettings reliefs
  • The proposed 2% reduction in P11D car benefits

The “off-payroll” working rules will almost certainly proceed, even if not from 6 April 2020, and thus businesses and workers affected should prepare for the planned changes. Contact us if you need help in assessing the likely impact on your business.

For further information on the budget, please contact Alan Rolfe on 023 8046 1235.

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For children born from September 2020 the Government provided vouchers for a tax free account, which can be accessed once they reach the age of 18! More information is available here http://ow.ly/BkbV50BjQqt

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