The Chancellor today delivered a budget that is intended to help businesses through the economic disruption caused by the coronavirus (COVID-19) by supporting cash-flow and liquidity in the business community. To this end, there are budget measures concerning statutory sick pay, the business-interruption loan program, and business tax rate cuts.
Under the budget proposals, the corporation tax rate would be maintained at 19% from April 2020. There would be no changes to the income tax, dividend tax or capital gains tax rates. There would be no changes to the value added tax (VAT) rates or thresholds.
For business taxpayers, the budget proposes the following:
Read a one-page guide on the budget (March 2020) [PDF 292 KB] prepared by the KPMG member firm in the UK
Read an overview (March 2020) of the budget prepared by the KPMG member firm in the UK
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.