INSIGHT Budget 2020 Summary
Our Financial Planning & Wealth Management team provide a summary following the Budget 2020 statement given by Chancellor of the Exchequer, Rishi Sunak.
Here's a brief summary of the changes but please follow the link to read the full summary.The most notable change was the increase to the pensions rules around the annual allowance for high earners. Those with earnings above £200,000, an increase of £90,000 will be affected. This will be especially welcome for NHS staff who were being forced to reduce their hours of even leave the profession.
- The threshold at which you start to pay National Insurance contributions will increase from April 2020 and will be welcomed by all, especially lower paid workers.
- Entrepreneurs Relief has been reduced so an individual who sells a business in the future will only pay a 10% tax charge against capital gains on the first £1m of the sale, rather than £10m previously.
- For junior savers you can, from April, pay in more in to your child/grandchild’s Junior ISA to help the younger generation save.
- Surprisingly there was no mention of the reform of Inheritance Tax, so we will have to wait for the next budget.
Download the full summary here.