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
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