Exactly in a month’s time Chancellor of the Exchequer will present his first Budget to the Parliament. Below are my top 10 predictions for Budget 2020.
- Off-payroll/IR35 Implementation for the private sector – more likely to go ahead (I sincerely hope I am wrong and this will be scrapped)
- Entrepreneur relief – lifetime limit might be reduced from £10m to lower number (Post-Brexit Britain open for business???)
- Pensions – Higher earners might not get 40% relief, relief might be restricted to 20%
- Mansion Tax – additional tax might be imposed on those homeowners who have larger properties
- Inheritance tax – might be reduced from 40% to lower %.
- Gift tax – might see a cap on the cash gifts and restrictions on tax free gifting of properties 7 years prior to a person’s death.
- Stamp duty – First time Residential house purchases worth less than £0.5m might get an exemption from SDLT
- Help to Buy – This might get replaced with Discount on new houses
- Business Rates – likely to see reductions to avoid further high street closures
- VAT might be reduced from 20% to lower % (wild card)
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