Budget Budget Budget Budget
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Thread: Budget Budget

  1. #1

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    Default Budget Budget

    OK, OK maybe I've been asleep with all the brexit/megan/whatever in the news of late but I did notice this: Budget 2020: When is it and what can we expect?
    which basically says the next budget is March 11.

    I understand that this is the budget that is delayed from November due to Tory farce. AKA the autmn statement. So I'm thinking there should be another budget on April 5th which would then be the next normal budget day.

    But then I'm thinking that would be 2 budgets within less than a month -surely not?

    Has anyone got a clue either way?

    For the record I'm trying to work out where the touchpoints are where gov may meddle with ER rules.

  2. #2

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    Quote Originally Posted by MrC View Post

    Has anyone got a clue either way?

    .
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    Entropy is NOT what it used to be.
    Inertia, however........................

  3. #3

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    Budget Day - Wikipedia

    The budget day typically falls on a Wednesday in early March.

    HTH BIDI
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  4. #4

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    Budget is March 11. That is a spring budget. You could also view it as a delayed-autumn-budget, since Autumn Budget 2019 didn't happen. But they aren't going to have two budgets this spring. Autumn Budget 2020 will presumably happen. They are still on the new (cf. Hammond) autumn budget timetable for the main budgets, AFAIK.

    ER will likely be flagged w/ a review on March 11 and then implemented in Autumn Budget 2020, around November 2020, and the measures will probably apply from that date, not April 2021.

  5. #5

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    But, yeah, we're going to get two "main" budgets this year.

  6. #6

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    New taxes incoming - higher divintax, higher CGT, destroyed ER

    Still beats the alertnative

  7. #7

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    Quote Originally Posted by jamesbrown View Post
    Budget is March 11. That is a spring budget. You could also view it as a delayed-autumn-budget, since Autumn Budget 2019 didn't happen. But they aren't going to have two budgets this spring. Autumn Budget 2020 will presumably happen. They are still on the new (cf. Hammond) autumn budget timetable for the main budgets, AFAIK.

    ER will likely be flagged w/ a review on March 11 and then implemented in Autumn Budget 2020, around November 2020, and the measures will probably apply from that date, not April 2021.
    I am thinking the same thing.

    I have been investigating into when the ER changes could actually apply, and the details I'm getting from accountants is that the distributions (from liquidation) must be made before the ER changes are effected.

    The actual submission for ER relief will then be made on your personal SATR, in Jan 2022.

    For example, if you begin the liquidation in August 2020 and funds are distributed in October, before ER is scrapped in November - then you can still make a claim for ER in January 2022 on your SATR.

    It gets (more) complicated if a partial distribution is made before the ER changes come in. But then again, it's not like HMRC/HMT to ever make things straightforward.

    This is of course all conjecture so far.

  8. #8

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    Quote Originally Posted by jamesbrown View Post
    Budget is March 11. That is a spring budget. You could also view it as a delayed-autumn-budget, since Autumn Budget 2019 didn't happen. But they aren't going to have two budgets this spring. Autumn Budget 2020 will presumably happen. They are still on the new (cf. Hammond) autumn budget timetable for the main budgets, AFAIK.

    ER will likely be flagged w/ a review on March 11 and then implemented in Autumn Budget 2020, around November 2020, and the measures will probably apply from that date, not April 2021.

    Thanks for clarifying. Makes a bit more sense now.

    Regards the review. What makes you think that it will be annouced prior to carrying it out?

    Could the review have been going on quietly in the background since the Tories got re-elected?

    Having seen gov and HMRC being pretty brutal with changes to Landlords it doesnt seem impossible to me that they could bring a change in come March 11 with immeadiate effect. Would you really want to give business 6 months + notice and loose all that lovely CG tax if you were the exchequer?

    Of course its all somewhat dependant on whether they actually want to tinker /scrap ER or if that was just supposed to be be a vote winner in their manifesto (while not a populist move it might allow them to claim they'd budgeted for the give aways)

  9. #9

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    Quote Originally Posted by MrC View Post
    Regards the review. What makes you think that it will be annouced prior to carrying it out?
    It's all guesswork, I suppose, but the review was a manifesto commitment, so I would expect a full announcement and period of review, followed by conclusions. I don't think they'll delay between conclusions and implementation though; they will share the results on a budget day, together with the legislative changes to apply from that day, at least if history is any guide.

    Technically, they can do anything they want, but I'm pretty confident they won't do anything in the March 11 budget w/r to legislative change. It's worth what you paid for it though

  10. #10

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    This is one of the reasons i've been indecisive about MVL.

    I was going to start the process on Monday, but wanted assurances that the initial distribution would be pre 20/21 tax year (April 6th), therefore a known quantity. The last situation I wanted to be in, was to start the process, hit a blocker then a change come into the budget which I couldnt then course correct.

    I think it's unlikely they'll change it with effect from Aprl 6th, as people could have been going through the MVL process for months before the new tax year, and it wouldn't be fair. But then again, when has life been fair.

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