Chancellor of the Exchequer Rishi Sunak delivered the Spring Budget speech to the House of Commons on Wednesday 11 March 2020. Below is a summary of the key announcements that could impact pay and benefits strategies:
- National insurance contribution threshold to rise to £9,500 from April 2020
- National living wage projected to increase to £10.50 by 2024
- SMEs to be reimbursed for statutory sick pay during Coronavirus crisis
- Government to introduce neonatal pay and leave entitlements for working parents
- Tapered annual allowance threshold for pension tax relief to increase by £90,000
- Day-one sick pay to apply to those self-isolating without Coronavirus symptoms
- Government announces reduction of most company car tax rates by 2%
- Chancellor confirms that IR35 reforms will proceed on 6 April 2020
- Non-taxable counselling services to include related medical treatments
- Government to launch a review of enterprise management incentive (EMI) schemes
