The Chancellor has just delivered his first Budget to Parliament. In his speech, the Chancellor set out a plan to support public services, individuals and businesses that may be affected by COVID-19. In particular, HMRC will be:
- providing a rebate for small businesses and employers to cope with the extra costs of paying up to 2 weeks of COVID-19 related Statutory Sick Pay; and
• supporting businesses and self-employed individuals in distress by providing support with their tax affairs, including a Time to Pay arrangement facility.
Further detail on these measures and the full range of other tax measures announced at the Budget can be found at https://www.gov.uk/government/topical-events/budget-2020
We want to draw your attention to the call for evidence on Tax Advice that will be published shortly as well as the details we have published on the Digital Services Tax, the Plastic Packaging Tax and HMRC’s Promoter Strategy. You will also want to be aware of the changes to the Capital Gains Tax Entrepreneurs relief which take immediate effect.