Rishi Sunak will announce Budget 2020 on Wednesday and we can expect some interesting announcements ...
So where was last year's Budget? Especially as 2019 saw two Chancellors housed in Number 11. Did I miss it? No, because there wasn’t one, the first time a budget was missing in the year for over 250 years.
It’s hard to call what Rishi Sunak will say at the dispatch box, after all, he will only have been in the Chancellor’s job for 28 days! As a result, I expect there will several reviews announced rather than immediate changes.
Having said that, here are seven predictions of what may be announced to get you thinking. Let’s see how many come true:
- More than one budget: To start with, my personal prediction is that this will be the first of two budgets in 2020 and the second will be in the autumn. Rishi has only been in the job for less than a month and there are two big real threats to our economy, namely the trade talks with the EU and other countries, and the Coronavirus that may require Rishi to make further changes.
- Income Tax: It’s an aspiration of our current Prime Minister to raise the basic rate threshold to £80,000, so maybe the hike of £30,000 will be phased in over three years. The personal allowance will be reinstated for those receiving income over £100,000.
- Income Tax: The Prime Minister has said on a couple of occasions that everyone has a right to a personal tax allowance.
- Entrepreneur’s relief: Regarded by some as a generous relief for those selling businesses, this is likely to be curtailed.
- National Insurance: An increase in the threshold to align itself with the income tax threshold to be phased in over three years.
- National Insurance: A national insurance holiday to be given to employers who take on someone leaving the Armed Forces.
- Stamp Duty: The threshold will be raised on residential properties to £500,000.
To read exactly what the Chancellor of the Exchequer, Rishi Sunak, announces on Wednesday watch out for my special budget blog post on Thursday!
If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.