Budget 2020: Report of tax measures

Announcements with immediate effect include:

• a reduction in the lifetime limit for entrepreneurs’ relief;
• changes to the rate and details of the structures and buildings allowance; and
• an adjustment to the bank surcharge rules.

Other key announcements include:

• a review of the regulation and taxation of funds;
• a new notification requirement for large businesses;
• confirmation that the digital services tax will apply from 1 April 2020;
• new measures to further target promoters of tax avoidance schemes;
• legislation to be included in FB 2020 to clarify the application of allowances and reliefs in the calculation of top slicing relief for life assurance policy gains;
• confirmation that draft legislation published in July 2019 relating to CGT principal private residence relief reforms will be contained unamended in FB 2020; and
• introduction of a 2% surcharge on SDLT for non-UK residents purchasing residential property in England and Northern Ireland from 1 April 2021.