The 2020 Budget will take place on Wednesday 11 March.
The Chancellor of the Exchequer, Sajid Javid, has confirmed that the next Budget will be held on Wednesday 11 March 2020. The announcement, on 7 January 2020, said little about tax but confirmed that the Budget would “deliver on the Government’s promises on tax, to help tackle the cost of living for hard-working people”. Statements made in the pre-election run-up as well as in the Conservative Party’s 2019 Manifesto help to shed some light on the promises referred to here. The Budget should also provide an update on measures expected to be included in the next Finance Bill where draft clauses were published on 11 July 2019.
In the last edition of Tax Matters Digest before Christmas we published an article looking at the new Government’s prospective tax policies after the Conservative Party secured a large majority in the 2019 General Election. Based on the wording of the Chancellor’s announcement it seems likely that most, if not all, of these policies will be mentioned in the forthcoming Budget.
In relation to the previously announced measures expected to be included in the Finance Bill, we wrote about these when the draft clauses were published last summer. As these measures were introduced by the previous Chancellor, Philip Hammond, it is possible we will see some movement in the underlying policies as well as the technical details and indeed the Government has already announced a review of how the changes to the off-payroll working rules, expected to be included in the Finance Bill, are to be implemented.
Details of how to submit Budget representations have also been published. HM Treasury will be accepting representations until midnight on 7 February 2020.
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