What is the update on the budget day?
Sajid Javed’s first budget was initially expected on 6 November. With the general election now happening in December, when will be the new date for the budget?
Due to political uncertainty, particularly in regards to the December election, giving clear tax advice is difficult as some key proposals in the draft Finance Bill scheduled to take effect from April 2020 might now not take place.
The key tax measures “in limbo” until legislated in Finance Act 2020 are:
– Extending the “off-payroll” working rules to the private sector
– Restricting R&D repayable credit for SMEs
– Limiting CGT private residence and lettings reliefs
– The proposed 2% reduction in P11d car benefits
Businesses and workers should prepare for planned changes because the “off-payroll” working rules will most likely proceed, even if not from 6 April 2020.