It was announced on 14 October that Sajid Javed’s first Budget would be on 6 November but, with a general election on 12 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 Research & Development repayable credit for SMEs
– Limiting Capital Gains Tax private residence and lettings reliefs
– The proposed 2 per cent 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. Our experts at Beavis Morgan can ensure your tax affairs are as efficient as possible to fit your circumstances. In addition, we can look ahead to retirement and inheritance tax planning.
For more information and to discuss your tax affairs in further detail, contact your usual Beavis Morgan Partner.