The Tax Faculty provides a comprehensive summary of all tax related announcements in each Budget. This TAXguide outlines the announcements in the Spring Budget 2020, including:

• the reduction in the lifetime limit for entrepreneurs’ relief from £10m to £1m;
• increasing the research and development expenditure credit (RDEC) and structures and buildings allowance (SBA) rates;
• reductions in business rates;
• changes to the pensions annual allowance rules;
• the reintroduction of postponed accounting for VAT on imports of goods;
• the VAT zero-rating of e-publications; and
• retaining the 19% corporation tax rate.

• TAXguide 06/20 will be accessible for Tax Faculty and Faculties online subscribers.
• For more on ICAEW's reaction to the Budget visit icaew.com/budget.
• To access this guide and much more join ICAEW Tax Faculty.