{"id":3616,"date":"2020-03-12T09:59:22","date_gmt":"2020-03-12T09:59:22","guid":{"rendered":"https:\/\/www.goodmanjones.com\/blog\/?p=3616"},"modified":"2020-03-12T09:59:22","modified_gmt":"2020-03-12T09:59:22","slug":"2020-budget-summary","status":"publish","type":"post","link":"https:\/\/www.goodmanjones.com\/blog\/2020-budget-summary\/","title":{"rendered":"2020 Budget Summary"},"content":{"rendered":"<p>Rishi Sunak gave an assured performance in his first budget speech which was understandably dominated by the potential threat of the coronavirus on the economy. Amongst the large package of spending measures the tax announcements were surprisingly few and far between given that many were expecting a new government with a large majority to take the opportunity to introduce changes and get some of the more difficult news out of the way early on in its cycle.<\/p>\n<p><a class=\"fbp-embed\" style=\"max-width: 100%;\" href=\"https:\/\/budget.taxbriefs.co.uk\/GoodmanJonesBS2020\/\" data-fbp-lightbox=\"yes\" data-fbp-width=\"640px\" data-fbp-height=\"480px\" data-fbp-method=\"site\" data-fbp-version=\"2019.1.0\">Goodman Jones Budget Summary 2020<\/a><script async defer src=\"https:\/\/budget.taxbriefs.co.uk\/GoodmanJonesBS2020\/files\/html\/static\/embed.js?uni=a4ff64ba60c467ae01ae5342b32eeb2b\"><\/script><\/p>\n<p>Many of the tax announcements were already widely anticipated but here are a few of the highlights:<\/p>\n<ul>\n<li><strong>Entrepreneurs relief<\/strong> &#8211; Despite calls from many sides of the political spectrum to completely abolish entrepreneurs relief, the government instead reduce the lifetime limit from \u00a310m to \u00a31m which takes us back to the level at which it was first introduced in 2008.<\/li>\n<li>Stamp Duty Land Tax (SDLT) \u2013 Many were hoping for an easing of the currently high SDLT burden, but the only announcement was a new surcharge of 2% on non-residents purchasing UK residential property will apply from April 2021. This is currently planned to apply to partnerships and trusts where at least one member is non-resident so may catch some people by surprise.<\/li>\n<li>Pension \u2013 There was no raid on pensions this year as some had been speculating. However, the tapering of pension relief for higher earners was significantly eased at least partly in response to NHS doctors and consultants complaining that it was making taking on extra work uneconomical.<\/li>\n<li>Corporation tax &#8211; Corporation tax which had previously been due to fall to 17% this April has been kept at 19%.<\/li>\n<li>Personal tax allowances \u2013 The personal tax allowance has remained unchanged at \u00a312,500 but as already announced the lower national insurance threshold has been increased to \u00a39,500.<\/li>\n<\/ul>\n<p>These are just some of the announcements made yesterday. To read more please see our budget summary at the top of this page or <a href=\"https:\/\/www.goodmanjones.com\/blog\/wp-content\/uploads\/2020\/03\/Goodman-Jones-Budget-Summary-2020.pdf\">download the PDF document<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rishi Sunak gave an assured performance in his first budget speech which was understandably dominated by the potential threat of the coronavirus on the economy. Amongst the large package of spending measures the tax announcements were surprisingly few and far between given that many were expecting a new government with a large majority to take[&#8230;] <\/p>\n<div class=\"brown_button\"><a class=\"more-link\" href=\"https:\/\/www.goodmanjones.com\/blog\/2020-budget-summary\/\">Read More<\/a><\/div>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[884,468,885,11],"tags":[],"class_list":["post-3616","post","type-post","status-publish","format-standard","hentry","category-business-tax","category-news","category-personal-tax","category-uk-business-entrepreneurs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2020 Budget Summary<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.goodmanjones.com\/blog\/2020-budget-summary\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2020 Budget Summary\" \/>\n<meta property=\"og:description\" content=\"Rishi Sunak gave an assured performance in his first budget speech which was understandably dominated by the potential threat of the coronavirus on the economy. Amongst the large package of spending measures the tax announcements were surprisingly few and far between given that many were expecting a new government with a large majority to take[...] Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.goodmanjones.com\/blog\/2020-budget-summary\/\" \/>\n<meta property=\"og:site_name\" content=\"London Chartered Accountants Blog | Goodman Jones London Accountants\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-12T09:59:22+00:00\" \/>\n<meta name=\"author\" content=\"Richard Verge - Tax Director\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GoodmanJones\" \/>\n<meta name=\"twitter:site\" content=\"@GoodmanJones\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Richard Verge - Tax Director\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.goodmanjones.com\\\/blog\\\/2020-budget-summary\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.goodmanjones.com\\\/blog\\\/2020-budget-summary\\\/\"},\"author\":{\"name\":\"Richard Verge - Tax Director\",\"@id\":\"https:\\\/\\\/www.goodmanjones.com\\\/blog\\\/#\\\/schema\\\/person\\\/756ca81453fcf2e0f99d557d5d540927\"},\"headline\":\"2020 Budget Summary\",\"datePublished\":\"2020-03-12T09:59:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.goodmanjones.com\\\/blog\\\/2020-budget-summary\\\/\"},\"wordCount\":319,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.goodmanjones.com\\\/blog\\\/#organization\"},\"articleSection\":[\"Business Tax\",\"News\",\"Personal Tax\",\"UK Business &amp; 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