Budget 2020: Chancellor scraps VAT on digital publications March 11, 2020 Digital publications will no longer be liable to VAT charges under new measures outlined by chancellor Rishi Sunak today. In his inaugural Budget speech, Sunak said the so-called reading tax will be abolished from 1 December. This means that any digital publication, including books, newspapers, magazines and academic journals, will no longer be charged VAT. [...]
Number of UK coronavirus cases record biggest daily jump to 456 March 11, 2020 The number of UK coronavirus cases leapt by 83 today to a total of 456 Covid-19 infections, the Department of Health said today. Today’s rise marks a significant increase in the UK’s daily reported number of cases. Public Health England recorded 54 new cases yesterday morning, and 46 new cases on Monday morning. Doctors have [...]
Budget 2020: Government to issue UK fintech sector review March 11, 2020 Chancellor Rishi Sunak has today announced the government will carry out a review of the UK’s burgeoning fintech sector, as part of its goal to champion Britain’s leading tech talent. The review will explore the support the government can provide to ensure “growth and competitiveness” in the sector. Fintech has been the UK’s top performing [...]
Budget 2020: Chancellor raises threshold for pensions tax relief to £200,000 March 11, 2020 Chancellor Rishi Sunak said today that the tapered allowance threshold for pensions tax relief will increase to £200,000. The pensions annual allowance is the maximum amount of tax-relieved pension savings that can be accrued in a year Sunak increased the two tapered thresholds for pension tax relief by £90,000 today. This means that from 2020-21 [...]
UK budget watchdog: Rishi Sunak’s spending spree biggest since 1992 March 11, 2020 The UK’s budget watchdog has called chancellor Rishi Sunak’s spending announcements the “largest budget giveaway since 1992” which will add more than £100bn to the public debt by 2024. In the government’s first Budget since the Conservatives’ landslide election victory in December, chancellor Rishi Sunak announced a £30bn stimulus package to support the economy through [...]
Budget 2020: Sunak commits to an increase in R&D spending March 11, 2020 Chancellor Rishi Sunak has increased tax relief for companies that carry out qualifying research and development (R&D) in his Budget today. The measure increases the rate of the R&D expenditure credit from 12 per cent to 13 per cent. The expenditure credit is a standalone credit that is brought into account as a receipt in [...]
Budget 2020: Stamp duty hiked for overseas buyers March 11, 2020 The government will go ahead with plans to increase stamp duty for overseas buyers, chancellor Rishi Sunak announced today. He said the government will introduce a new stamp duty surcharge of two per cent for foreign buyers to make it easier for domestic buyers as part of a range of measures to tackle the housing [...]
Budget 2020: Sunak confirms £600bn in capital investment for UK transport and industry March 11, 2020 The Chancellor of the Exchequer Rishi Sunak has pledged £600bn in investment over the next five years for infrastructure and industry in today’s Budget. The announcement will mean that public investment will hit its highest levels since 1955, and will see capital budgets rise over £110m in 2024 and 2025. Part of the deal will [...]
Budget 2020: Chancellor dodges fiscal rule change as borrowing rises March 11, 2020 UK chancellor Rishi Sunak has deferred a decision over changes to Britain’s spending rules, saying he will consult experts and report back in the autumn. The decision came as the chancellor announced the UK budget deficit would rise to 2.4 per cent of GDP in the 2020-21 financial year, up from 2.1 per cent this [...]
BUDGET 2020: Mixed news for energy duties in budget March 11, 2020 The chancellor has announced a freeze in electricity duty but from April 2022, gas duty will increase. The government is under pressure to reduce the country’s carbon emissions and raise money for public spending. “So as another step towards equalising the rates and encouraging energy efficiency, from April 2022 I’m freezing the levy on electricity [...]