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.
