Budget Summary

12th March 2020

A surprise mention in the Budget was the government’s announcement that it intends to introduce a levy to be funded by firms subject to Money Laundering Regulations.

Doctors, judges and a good many businesses will be pleased by the changes to the pension annual allowance.

Entrepreneurs’ relief was nearly a goner. But the Chancellor relented and just brought the lifetime limit down from £10 million to £1 million. Maybe that’s what the Treasury aimed to do all the time, but it softened the blow by trailing rumours of its abolition.

The increase in the NIC employment allowance means that many small businesses will not have to pay the first £4,000 of their employer’s national insurance contributions.

The increase in the Junior ISA limit up to £9,000 from April 2020 is great news for under 18s with prosperous and generous families and friends.

Publishers and readers should be well-pleased by the abolition of VAT on electronic publications from 1 December this year.

People who currently use cheap red diesel will lose this right from April 2022, unless they are in one of the exempt groups like farmers, rail and those who rely on the fuel for domestic heating.

Read more in our Budget Summary document.