UK Budget 2020 - 16 March 2020

Mar 16, 2020

 

Last Wednesday was newly appointed Chancellor of the Exchequer Rishi Sunak’s first Budget and the first UK Budget in over 16 months. It came just weeks after the UK’s departure from the EU amidst the deepening COVID-19 crisis, with many seeing the Budget as an opportunity to vaccinate the UK economy. Our budget press release also got significant coverage in the Irish Times and Business First.

The Chancellor took a number of steps in that direction and an extra £210 million was promised for Northern Ireland’s budget. Read our press release reacting to the Budget. Our budget press release also got significant coverage in the Irish Times and Business First.

The Budget 2020 announcements and publications can be found on GOV.UK which also links to HMRC’s dedicated Budget 2020 tax-related documents and announcements page. As usual, the main Budget documents are the Red Book, and the Overview of Tax Legislation and Rates (OOTLAR). 

OOTLAR contains detailed tax information including Tax Information and Impact Notes on all the Budget and Finance Bill measures, and has informed much of our coverage of this Budget.

We’ve analysed the main Budget announcements and accompanying publications in the remainder of this week’s UK stories. Check back next week for part 2 of our coverage. As always, the devil is often in the detail; the Finance Bill is due to be published later this week. The Budget coverage should therefore be read in that context.

Make sure to also check back in the coming weeks to Chartered Accountants Tax News for further coverage of measures in the Budget and the forthcoming Finance Bill.