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Murray Beith Murray is a leading Scottish private client law firm.

For over 170 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.

2 minutes reading time (370 words)

2020 Budget update

As the 2020 Budget unfolds, Chancellor, Rishi Sunak, has announced:laura

  • The Income Tax personal allowance has already been frozen at £12,500.
  • The higher rate threshold of Income Tax has also been frozen for the rest of the UK at £50,000, income between £50,000 and £150,000 will be assessable to income tax at 40%. This does not affect Scottish taxpayers.
  • The National Insurance threshold is to rise from £8,632 per year to £9,500 per year. This means payment of National Insurance if earning £182.70 per week or £9,500 a year.
  • Changes to the minimum wage have already been agreed and will come into effect in April. Over 25s will be entitled to the National Living Wage of £8.72 an hour while younger workers will also earn more. By 2024, the National Living Wage will reach two thirds of median earnings, making it £10.50 per hour.  The National Living Wage is going up 6.5% to £8.20 for 21 to 24 year-olds and for 18 to 20-year-olds, it’s a 4.9% increase to £6.45.  Under 18s will earn £4.55 (up 4.6%) and apprentices £4.15, an increase of 6.4%.
  • Corporation Tax will not be cut and will remain at 19%.
  • Entrepreneurs Relief – this lifetime limit has been reduced from £10 million to £1 million despite calls to scrap the relief altogether.
  • Fuel, beer, wine and spirit duties have been frozen.
  • The “tapered allowance threshold” for pension tax relief will increase to £200,000.
  • 5% VAT on female sanitary products will be abolished with a zero rate of VAT applying from the start of next year.
  • There will be an introduction of 2% Stamp Duty surcharge for non-UK residents from April 2021.

Contact our Personal Tax Practitioners, Edinburgh

If you would like to discuss your tax position, please get in touch with Murray Beith Murray today using the Enquiry Form or call us now on 0131 225 1200 .

At Murray Beith Murray, we are more than just tax practitioners - we are trusted advisors. We are dedicated to helping our clients solve problems and preserve their wealth. Our highly personal service reflects our culture, which is centred on integrity, trust and expertise, and the guidance we provide has been designed to be an investment, not an expense.

Murray Beith Murray’s response to Coronavirus
How can I reclaim tax?

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