The Budget 2020

 In Tax, The Budget

Coronavirus Response

£5billion emergency response fund to support the NHS and public services
All those advised to self-isolate will be entitled to statutory sick pay, even if they have not presented with symptoms
Self-employed workers who are not eligible will be able to claim contributory Employment Support Allowance
The Employment and Support Allowance (ESA) benefit will be available from day one, not after a week as now
Firms with fewer than 250 staff will be refunded for sick pay payments for two weeks
Business rates in England will be abolished for firms in the retail, leisure and hospitality sectors with a rateable value below £51,000.

Personal Taxation, Wages and Pensions

The tax threshold for National Insurance Contributions will rise from £8,632 to £9,500
Those earning more than £9,500 will be, on average, £85 a year better off
No other new announcements on income tax, national insurance
Tax paid on the pensions of high earners, including doctors, to be recalculated

Business, Digital and Science and VAT

Firms eligible for small business rates relief will get £3,000 cash grant
VAT on digital publications, including newspapers, e-books and academic journals to be scrapped from December
VAT scrapped on e-books and digital newspapers

Environment and Energy

Plastic packaging tax to come into force from April 2022.

Other

Duties on spirits, beer, cider and wine to be frozen

Source: https://www.bbc.co.uk/news/uk-politics-51832634

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