The date of The Budget has not yet been set but the speculation regarding its contents have already started.
This was always going to be the year of 2 Budgets as the previous Budget was postponed from Autumn 2019 until March 2020 because of BREXIT. In keeping with the new Autumn Budget timetable, the 2020 main Budget is due in November or December. The measures in that Budget will generally be enacted with effect from the 2021/22 tax year.
Given that the budget deficit for this year may be in the order of £300 Billion, many commentators believe that this will be a major tax raising budget.
I am not so sure. The economy needs stimulation rather than suppression. It also may not be clear by the time of the proposed budget whether tax rises are appropriate or not.
At present, The Treasury is doing its normal tactic of floating 10 tax raising ideas so that it can gauge the public and political reaction to them. Some of these ideas will never see the inside of a Budget Red Box.
Primondell will be doing a series of articles on the Autumn Budget 2020; looking at it from the economic, political and taxation perspectives. We will also be looking to host a number of seminars on the Budget, once the date has been announced.