PKF Littlejohn's Guide to the 2020 Spring Budget
After almost 500 days of waiting since the last Budget – as well as a change of Prime Minister, two new Chancellors and a General Election - the scene was set today for a package of fundamental changes to the UK tax system.
Aside from some immediate and, hopefully, short-term measures to tackle the current difficulties posed by coronavirus on SMEs and their employees, the main event of the Budget is the significant reduction in the availability of Entrepreneurs' Relief, which cuts the lifetime gain allowance to £1m. This measure takes immediate effect. While we knew change was coming, this will have a significant impact for many business owners in the coming months and years.
The PKF Littlejohn ‘Guide to the 2020 Spring Budget’ has now been published. In the words of the Chancellor of the Exchequer: we got it done!