UK Government Budget 2020: What does it mean for shipping?

In a BDO’s briefing, Philip Parr, the firm’s Tax Partner – Shipping & Transport, says that the good news for the shipping sector in the 2020 Budget is that the UK Government has continued to ensure stability for the industry. As a consequence, the measures in the Budget will not impact the shipping sector any more than all businesses generally.

The main changes that may be of interest are as follows:

• the corporation tax rate is unchanged at 19%
• the Entrepreneurs’ Relief lifetime allowance has been reduced from £10 million to £1 million
• the use of capital losses will in future be restricted in a similar manner as for trading losses
• confirmation that reform of the Off Payroll Working rules
• statutory sick pay changes as part of the Government’s response to Coronavirus

For further analysis on Budget 2020 please click on this link.