UK BUDGET 2020 SUMMARY – INDIVIDUALS

• The tax threshold for National Insurance Contributions will rise from £8,632 to £9,500
• The personal allowance will remain at £12,500
• Entrepreneurs’ Relief will be retained, but lifetime allowance will be reduced from £10m to £1m
• Stamp duty surcharge for foreign buyers of UK properties to be levied at 2% from April 2021
• The two tapered annual allowance thresholds for pensions will both be raised by £90,000, meaning the pension allowance will only begin to be tapered down for people with an adjusted net income over £240,000

For more information on recent changes in Individual threshold & relative taxes,  kindly contact us on
020 3983 9505 or you can email us on info@goodhams.co.ukabc