Budget – Key points at a glance

Our detailed Budget Report will be available first thing tomorrow; the key announcements include: 

  •  £30bn package announced to help economy get through coronavirus outbreak
  • Statutory sick pay will be paid to all those who choose to self-isolate, even if they don’t have symptoms 
  • Firms with fewer than 250 staff will be refunded for sick payments for two weeks
  • National Insurance Contributions tax threshold to rise from £8,632 to £9,500
  • No change to Corporation Tax
  • Entrepreneurs relief will be retained, but lifetime allowance will be reduced from £10m to £1m.
  • Fuel duty frozen
  • Duties on spirits, beer, cider and wine frozen
  • Business rates will be abolished for businesses in retail, leisure and hospitality sectors with a rateable value below £51,000
  • Agriculture to retain red diesel tax relief 
  • Annual pension tax taper lifted by £90,000 
  • VAT abolished on all reading material from 1 December 2020.