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LexisPSL subscribers can access all analysis and insight on the Spring Budget 2020. If you are not a subscriber, you can take a free trial here.
On Wednesday 11 March 2020, the Chancellor is set to deliver his first Budget, having held the post for less than a month. This Budget falls less than two months after the UK ceased to be a Member State of the European Union and entered into the implementation period during which it aims to negotiate a trade agreement with the EU. It is therefore possible that this Budget will include a number of Brexit-related announcements and fewer business as usual tax policy developments.
It has also been noted that it will be difficult for the government to adhere to the fiscal targets set out in the election manifesto without raising taxes or decreasing spending. Given that the government committed not to raise the rate of VAT, income tax or National Insurance contributions (NICs) in the Queen’s speech on 19 December 2019, some possible revenue-raising measures could include cancelling the reduction in the corporation tax rate for 2020–21 (so that it remains at 19% rather than being reduced to 17%), abolishing entrepreneurs’ relief and raising the rate of tax imposed under the diverted profits tax. These would be in addition to other revenue-raising measures, such as the extension of the IR35 rules to the private sector (which the government confirmed on 27 February 2020 will be included in Finance Bill 2020 (FB 2020)) and the property tax measures for non-UK residents (which was included in Finance Act 2019), which are both due to take effect from April 2020.
Draft legislation for a number of measures to be included in FB 2020 was published for consultation on 11 July 2019. The government has confirmed that it remains committed to legislating the measures published in July 2019, subject to confirmation at Budget. Some amendments can be expected
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