UK Budget 2020: Overview of Tax Issues

The UK Budget 2020 includes business tax
changes and personal tax changes.

Business taxes – The government has made a
handful of changes to tax policies that will impact businesses, e.g. reducing
the lifetime limit for Entrepreneurs’ Relief from £10m to £1m, and plastics packaging
tax will be introduced. New tax measures have been introduced to support
businesses against the backdrop of the COVID-19 pandemic.

Personal taxes – A wide range of measures
have been introduced in respect of personal taxes, including a reduction to the
CGT gains eligible for Entrepreneurs’ Relief, CGT reporting, an increase to the
residential nil rate limit for IHT purposes, an increase to the income limits
used to calculate the tapered annual allowance, and decreases in the minimum
tapered annual allowance.

The coming fiscal year is unusual and
unique to all of us. We are faced with new challenges and new problems.
Therefore, the government, business and individuals, as never before, should
take into account tax policy, use tax benefits and work on tax planning. In
order to help you, our team has prepared a budget overview regarding tax
issues. We are always ready to give a more detailed assessment and consultation
on new measures and changes in legislation.

View the full report here: https://www.linkedin.com/feed/update/urn:li:activity:6648997959465750530