Highlights of the Chancellor's March 2020 Budget are set out in this report by EY. Key points include measures to address the issues caused by the COVID-19 outbreak and those to deliver on long-term manifesto commitments.
Corporation tax rates: corporation tax will remain at 19 percent from 1 April 2020.
Coronavirus-related measures: time to pay - the Government’s package of measures to support individuals and businesses affected by the COVID19 outbreak included confirmation that all businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s ‘time to pay’ service.
Business rates - the Government has announced a number of measures to assist businesses experiencing disruption to their cashflow as a result of the COVID-19 outbreak. The main focus of these is on SMEs in the retail, leisure and hospitality sectors.
Other Insights Contributed by EY, More London Place: