Spring Budget 2020: Expectations

Chancellor Rishi Sunak will deliver his Spring Budget speech this afternoon, just 27 days after succeeding Sajid Javid.  It’s been a whirlwind month for the new Chancellor, who rewrote Javid’s speech before coronavirus forced another urgent rethink.  Whether...

1.6 million face retirement with no private pension

Almost a quarter (22%) of 55 to 64-year-olds have no private pension savings, figures from the Office for National Statistics (ONS) show. The problem is particularly acute among women aged 55-64 who have not started claiming state pension benefits, with 40% lacking...

Other announcements – plastic packaging tax

Plastic packaging tax A new plastic packaging tax will take effect from 1 April 2022 at a rate of £200 per tonne. This will apply to plastic packaging produced in, or imported into, the UK that does not contain at least 30% recycled plastic.  The lead time is...

VAT – construction industry reverse charge reminder

Abolition of the ‘tampon tax' The first headline for VAT in the Chancellor's speech came when Sunak announced that the UK leaving the EU presents an opportunity to introduce legislation applying the zero-rate of VAT to women's sanitary products. VAT is currently...

Personal – pensions tapered annual allowance

Rates and allowances The tax-free personal allowance will remain at £12,500 for the 2020/21 tax year throughout the UK. The basic-rate band in England, Northern Ireland and Wales will stay at £37,500 and consequently, the higher-rate threshold will continue to be...