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Budget 2020 summary

Date: 11 March 2020

The newly appointed Chancellor, Rishi Sunak, announced a spirited Budget with much of the focus on the short-term measures needed to deal with the challenges the UK faces as a result of the coronavirus pandemic.

As well as committing to triple investment in transport and infrastructure, the Chancellor also announced some taxation and pensions changes.

The changes to the taper of the pension annual allowances will mean that many fewer higher paid people will be hit by a reduced annual allowance. However, the very small increase in the lifetime allowance will continue to catch many of those building pension assets. The more than doubling of the annual limit for Junior ISAs to £9,000 was a pleasant surprise and benefit tax rules for company cars.

Our summary newsletter includes a useful recap of the key changes for the forthcoming 2020/21 tax year that have been announced and passed into law as well as relevant facts and figures.