Lifetime allowance for pensions – The lifetime allowance, the maximum amount someone can accrue in a registered pension scheme in a tax-efficient manner over their lifetime, will increase in line with CPI for 2020-21, rising to £1,073,100. Air Passenger Duty (APD) rates – APD rates will increase in line with RPI for 2021-22, meaning that short haul rates remain frozen at £13, benefitting 80% of passengers. The government will also, subject to planning consents, build a new rail station at Cambridge South, improving connectivity to the world-leading research facilities of the Cambridge Biomedical Campus – the largest cluster of medical and life sciences research in Europe. The government has designated the corridor of land connecting Oxford, Milton Keynes, Bedford and Cambridge (the OxCam Arc) as a key economic priority. The government is reforming Entrepreneurs’ Relief, while continuing to support the vast majority of entrepreneurs and increasing tax incentives for businesses investing in structures and buildings, and R&D. The government also believes in the benefits of participating in the arts and the essential role it plays in all children’s education. (44), VED: Motorhomes – From 12 March 2020, the government will reduce annual VED liabilities for most new motorhomes to a flat rate of £265, which will rise to £270 for 2020-21, as motorhome manufacturers and dealers will not be required to provide a CO2 emissions figure when registering new motorhomes with the Driver and Vehicle Licensing Agency. Alcohol duty rates – Duty rates on beer, spirits, wine and cider will be frozen. The Budget announces: the largest ever investment in English strategic roads, with over £27 billion between 2020 and 2025, enough funding to fill in around 50 million potholes across the country, and unprecedented investment in urban transport, with £4.2 billion for five-year, integrated transport settlements for eight city regions on top of £1 billion allocated to shovel-ready transport schemes, funding for the Shared Rural Network agreement to radically improve mobile coverage in rural areas, and a record £5 billion investment in gigabit broadband rollout in the hardest-to-reach areas of England, Scotland, Wales and Northern Ireland, record funding of £5.2 billion for flood defences between 2021 and 2027, offering better protection from flooding for 336,000 homes and non-residential properties. Royal Commission on the Criminal Justice process – The government will provide an additional £3 million to launch a Royal Commission on the Criminal Justice process in England and Wales. The terms of the extended scheme will be set out in a consultation to be launched shortly after Budget. There are a number of possible routes – from using low carbon energy sources like hydrogen or electricity, to capturing industrial emissions and storing them safely under the ground. This means that from 2020-21 the “threshold income” will be £200,000, so individuals with income below this level will not be affected by the tapered annual allowance, and the annual allowance will only begin to taper down for individuals who also have an “adjusted income” above £240,000. The direct cost of the measures is partly offset by the positive short-term impact on the fiscal position of the higher economic growth that is generated as a result of the Budget package. In the interim years, progress towards the cap will be managed internally, based on monitoring by HM Treasury and the Department for Work and Pensions (DWP) of the OBR’s welfare spending forecasts. However, disguised remuneration schemes continue to be used. To support drivers to move away from polluting vehicles, the Budget announces investment in electric vehicle charging infrastructure, which will ensure that drivers are never more than 30 miles from a rapid charging station, provides £532 million for consumer incentives for ultra-low emission vehicles, and reduces taxes on zero emission vehicles. Some of this information is unaudited or subject to revision. The Renewable Heat Incentive (RHI) – The government will extend the Domestic RHI in Great Britain until 31 March 2022. This landmark investment is the largest and fastest ever expansion in support of researchers and innovative businesses, taking direct support for R&D to 0.8% of GDP and placing the UK among the top quarter of OECD nations – ahead of the USA, Japan, France and China. The Budget announces a set of measures to provide support to businesses during this temporary period by either reducing their costs or bridging cashflow problems arising from the outbreak, and to protect people’s jobs. The Budget announces investments in the roads, railways and digital networks that will underpin growth over the coming decade, as well as the world-class hospitals, schools, colleges and police forces that people rely on every day. That is why the government set the objective of increasing economy-wide investment in R&D to 2.4% of GDP by 2027, and why the Budget puts science, innovation and technology at the heart of the UK’s investment strategy. The Budget also sets out action to ensure that pensions tax rules do not deter doctors from taking on additional shifts. Taken together with increases to the NLW and to the Personal Allowance, an employee working full-time on the NLW anywhere in the UK will be over £5,200 better off compared to April 2010. Borrowing this year is forecast to be £47.4 billion, £0.2 billion lower than the OBR’s restated March 2019 forecast. The relationship between public sector net borrowing and CGNCR (ex NRAM, B&B and NR) is set out in the OBR’s March 2020 ‘Economic and fiscal outlook’. In the meantime, the government will provide £403 million for the Plug-in Car Grant, extending it to 2022-23. The government welcomes the statement by UK Finance on behalf of the sector which announced that banks, building societies and credit card providers are ready and able to offer support to consumers, including offering or increasing an overdraft or allowing repayment relief for loan or mortgage repayments. (32). [footnote 86] (12). [footnote 6] The OBR does note that “the significant planned increase in public investment potentially boosts productivity by raising the public capital stock, but we have assumed that the effect is likely to be felt mainly beyond our forecast horizon.”[footnote 7]. Invested alongside private sector capital, this is expected to enable £600 million of finance to create high-quality jobs and help UK patients benefit from more ground-breaking treatments and care. (17). The government expects most of this funding to be used to provide more council tax relief, either through existing Local Council Tax Support schemes, or through complementary reliefs. Provincial and Municipal budget information; Tax Pocket Guide: PDF document - 1,063kb; Tax Matters and Revenue Laws; Budget 2020 Presentation: Risk, Renewal and Growth (932kb) The Jobs Fund 2020 (1,511kb) Reviewing the Tax treatment of excessive debt financing, interest deductions and other financial payments (1,288kb) The government will set out further plans for the Fund including at the CSR. This winter, the Environment Agency’s flood defences protected 127,000 properties. ↩, The OBR’s measure of RHDI per head differs from the ONS’s by including households and non-profit institutions serving households (NPISH) in the calculations, whereas the ONS measure refers to households only. Responding to COVID-19 Public safety is the government’s top priority in its response to COVID-19 and it is taking firm and comprehensive action, consistent with the best scientific evidence. This unallocated portion is set at £8.0 billion (5.1% of total issuance). (67). Areas will be selected based on a range of criteria, including repeated significant flooding in the past. Source: Office for National Statistics and Office for Budget Responsibility. Capital for Companies House – The government will allocate £14 million to Companies House to enable it to continue with vital capital projects to help its work tackling economic crime and anti-money laundering. ↩, ‘Capital Gains Tax Entrepreneur’s Relief: Behaviours and Motivations’ IFF Research, May 2017. Maths schools – The government will provide an additional £7 million to support a total of 11 maths schools in England, covering every region. Local road upgrades – The Budget announces the second round of successful Major Road Network and Large Local Major schemes proceeding to the next stage of development. With less than 1% of the world’s population, the UK hosts 4 of the world’s 20 best universities,[footnote 61] has produced up to 14% of the world’s most impactful research[footnote 62] and has the second highest number of Nobel Laureates of any nation. Following consultation in spring 2019, the government will introduce a new Plastic Packaging Tax from April 2022 to incentivise the use of recycled plastic in packaging and help tackle the scourge of plastic in the natural environment. The government has listened to industry and will also consult on changes to the cap’s design, to ensure it targets abusive behaviour as intended while ensuring that eligible businesses are able to access the relief. IRS-i . ↩, Rough sleeping snapshot in England: autumn 2019, Ministry of Housing, Communities & Local Government, February 2020. Digital currencies discussion paper – The government looks forward to the publication of the Bank of England’s discussion paper on a possible UK central bank digital currency (CBDC). Tax treatment of welfare counselling provided by employers – The government will extend the scope of non-taxable counselling services to include related medical treatment, such as cognitive behavioural therapy, when provided to an employee as part of an employer’s welfare counselling services. Transfer of unlisted securities to connected companies for Stamp Duty and Stamp Duty Reserve Tax – In Finance Act 2018-19, the government introduced a targeted market value rule to prevent artificial reduction of the tax due on share acquisitions when listed shares are transferred to a connected company. Details of the projected 2020-21 Budget results are provided, as well as background information on the development of the 2020-21 Budget, including economic conditions and federal financial relations. [footnote 52] (13), Now that the UK has left the EU, it can reduce the cost of essential sanitary products for women in the UK. [footnote 113] The Balance Sheet Review (BSR) was launched in 2017 to identify opportunities to dispose of assets that no longer serve a policy purpose, improve returns on retained assets, and reduce the risk and cost of liabilities. Self-employed people working in rural and hard to reach areas will benefit from the £5 billion for gigabit-capable broadband rollout and funding to improve mobile coverage that the Budget announces. To help us improve GOV.UK, we’d like to know more about your visit today. This will create a single evidence hub on what works to divert young people away from criminal activity and improve the effectiveness of our wider investments in crime reduction, including the work of the Youth Endowment Fund and violence reduction units. For example, 25 of the world’s top 100 medicines were discovered in the UK,[footnote 66] and the UK is the second largest expert contributor to the Intergovernmental Panel on Climate Change (IPCC). The government is therefore providing £500 million over the next five years to support the rollout of a fast-charging network for electric vehicles, ensuring that drivers will never be further than 30 miles from a rapid charging station. Research and innovation lead to better products, services and processes. (48). The government will support the UK’s world-leading fintech sector, along with the wider digital economy. UK productivity growth has averaged 0.3% since 2008, slowing from 2.3% in the decade prior. The government will also consult on proposals for stronger penalties for tobacco tax evasion. In addition, the Budget will include £114 million in 2020-21 for counter-terrorism, to maintain capability and officer numbers in the face of a changing terrorist threat. A portion of this funding contributes to a wider investment of up to £1 billion to develop UK supply chains for the large‑scale production of electric vehicles, as announced in September. In common with other advanced economies, the UK faces economic challenges. The Chancellor of the Exchequer presented his Budget to Parliament on Wednesday 11 March 2020. As part of this, the government is also providing up to £500,000 to support Bradford in its regeneration and development plans to increase the benefits of potential Northern Powerhouse Rail connections. This annex sets out the details of the government’s financing plans in 2020-21. The UK has excellent universities in every region and nation that attract business investment, deepen the skills and knowledge of the population, and drive economic growth. In the ‘baseline’ scenario it assumes the virus is contained largely in China and revised down expectations of global growth in 2020 from 2.9% to 2.4%. BUDGET 2021 The Minister of Finance, Hon. This investment will better protect 336,000 properties from flooding. The welfare cap was introduced in 2014 to limit the amount spent on certain social security benefits and tax credits. Address: Department of Treasury P O Box 542 WAIGANI 131 N.C.D. The Terms of Reference for this review are published alongside this Budget and a call for evidence will be published in the spring. Individual budgets for all departments have been set until 2020-21 for both departmental capital totals (CDEL) and departmental resource totals (RDEL). Prison maintenance – The government will provide an additional £156 million in 2020-21 to tackle prison maintenance issues, helping to maintain prison operating capacity and improve conditions for those living and working in prisons in England and Wales. You can change your cookie settings at any time. Junior ISAs (JISAs) and Child Trust Funds (CTFs) are tax-advantaged accounts for children, designed to encourage a long-term savings habit. ↩, HMRC analysis based on Pay As You Earn Real Time Information, the ONS Inter-Departmental Business Register. (9). This forum will be made up of the Bank of England, Prudential Regulation Authority, Financial Conduct Authority (FCA), Payment Systems Regulator and Competition and Markets Authority, with HM Treasury as an observer member. This new facility will be a world-leading centre for natural sciences research and international collaboration and will preserve this unique research collection for future generations. Land availability, as constrained by the planning system, is the most significant barrier to building more houses. Corresponding legislation will be introduced to mirror the income tax exemption for NICs. Further education capital funding – The government will provide £1.5 billion over five years (£1.8 billion inclusive of indicative Barnett consequentials), supported by funding from further education colleges themselves, to bring the facilities of colleges everywhere in England up to a good level, and to support improvements to colleges to raise the quality and efficiency of vocational education provision. It should benefit all who read digitally, including children from poorer backgrounds: nearly 1 in 4 pupils on free school meals read fiction digitally, compared to 1 in 6 of their peers who are not eligible for free school meals. Since emerging in China in December 2019, COVID-19 has spread widely, with a significant number of cases reported worldwide, including an increasing number in the UK. Western Gateway Independent Economic Review – The government will support the Western Gateway, a strategic economic partnership across south Wales and the west of England, to oversee an independent economic review to identify long-term economic opportunities and challenges for the region. (40, 41). This will inform the fiscal framework review set out in section 1.12. Enhanced local business support – Supporting enterprise is an important part of the government’s ambition to level up regions across the UK. Consumer incentives for the purchase of ultra-low emission vehicles – The government is considering the long-term future of consumer incentives to support the transition to zero emission vehicles alongside the consultation on bringing forward the phase-out date for the sale of new petrol and diesel cars and vans from 2040. With historically low borrowing costs and the public finances in a more secure position, the government can now increase borrowing for investment without compromising fiscal sustainability. It will take only 2 minutes to fill in. This policy will draw on international accounting standards which many large businesses already follow. The Budget will also provide £68.5 million to toughen community sentences, including by increasing the number of offenders who are required to wear an electronic tag. As well as taking action that will support people and businesses in every nation of the UK, and targeted support to each nation, it sets out the funding the government will make available through Barnett consequentials for the devolved administrations to fund public services, infrastructure and other priorities. Digital waste tracking – The government will invest £7.2 million in a national system to enable the smart tracking of waste movements across the economy. These reforms will aim to create a simpler planning system and improve the capacity, capability and performance of Local Planning Authorities (LPAs) to accelerate the development process. The government is committed to keeping taxes low, helping hard-working people keep more of what they earn. The current account deficit averaged 4.7% of GDP in the first three quarters of 2019. The government will also change pensions tax rules to ensure that NHS staff across the UK, including senior doctors, whose income is less than £200,000 can work additional hours for the NHS without their annual allowance being reduced. The Queensland Government produces several documents to communicate the key elements of the budget. [footnote 35] Forty times faster than standard superfast broadband, gigabit broadband provides a step change in the UK’s digital connectivity. Funding HMRC to prepare for breathing space – The government will invest an additional £12.5 million in HMRC in 2020-21 to begin work immediately on the implementation of breathing space. Green Gas Levy – The government will consult on introducing levy-funded support for biomethane production to increase the proportion of green gas in the grid. It improves Parliamentary accountability for welfare spending and supports the government’s aim of ensuring the welfare system is sustainable. Starting rate for savings tax band – The band of savings income that is subject to the 0% starting tax rate will remain at its current level of £5,000 for 2020-21. Large business notification – From April 2021 large businesses will be required to notify HMRC when they take a tax position which HMRC is likely to challenge. (5). ↩, ‘Transport Statistics Great Britain 2019’, Department for Transport, December 2019. In addition, the government will convene a summit looking at what further data needs to be made accessible to make it faster and easier for SMEs to shop around for credit. Appropriation Bill (No 1) 2020. The CSR will be delivered within the fiscal rules set out in section 1.12. The government is delivering on its commitments to provide a clear route to work and support the most vulnerable through the welfare system. Capital Allowances: Structures and buildings allowance (SBA) rate – The annual rate of capital allowances available for qualifying investments to construct new, or renovate old, non-residential structures and buildings will increase from 2% to 3%. (27). Cryptoassets consultation – To protect consumers and support innovation in cryptoassets, the government intends to consult on a measure to bring certain cryptoassets into scope of financial promotions regulation. This deal will provide £1.1 billion of investment for the area over 30 years, as well as devolving significant new decision-making powers on transport, planning and skills. ↩, ‘Darwin Plus Projects Register’, Darwin Initiative, March 2020. “A Budget for America’s Future: FY 2021.” Table S-4. The Government is committed to supporting the mental health and wellbeing of all Australians. The measures set out in the Budget to support health and other public services, protect people and families and support businesses will be reflected in the public finances at Autumn Budget 2020. This measure is used in the financing arithmetic as it reflects the forecast cash requirement of the Exchequer. Conditionality: Hidden economy – The government will legislate in Finance Bill 2020-21 to make the renewal of licenses to drive taxis and private hire vehicles (PHVs, e.g. Fire Safety – The government is providing £20 million for Fire and Rescue Services to increase inspection and enforcement capability and build a strategic response to the Grenfell Public Inquiry’s findings. (72), Stop export of Child Benefit – The government is stopping the export of Child Benefit payments made in respect of children living overseas. This rule is being extended to unlisted shares in Finance Bill 2020 to prevent further tax avoidance. Jesse Norman Her Majesty’s Treasury 11 March 2020 Ordered by the House of Commons to be Lower interest rates reduce the interest received from government assets. Further details on the support offered in the Budget for innovation can be found in Chapter 2. The changes will take effect from April 2020. Confirming the government’s ambitious target, the remit asks the LPC to make recommendations with the view of reaching a National Living Wage (NLW) of two-thirds of median earnings by 2024, provided economic conditions allow. The Adjusted Estimates of National Expenditure (AENE) is a book published along with the tabling of the adjusted budget. In the year that the UK hosts the COP26 UN climate summit, the Budget takes steps to decarbonise the economy and protect the UK’s natural habitats, ensuring that every part of the UK economy is ready for the challenges of decarbonisation, and ready to capitalise on the opportunities to become leaders in the green markets of the future. Eligibility for Statutory Sick Pay (SSP) – The Prime Minister has already announced that the forthcoming COVID-19 Bill will temporarily allow SSP to be paid from the first day of sickness absence, rather than the fourth day, for people who have COVID-19 or have to self‑isolate, in accordance with government guidelines. The Budget will provide funding for a digital waste tracking system to provide better data on waste transport, as well as £2 million to improve evidence on where fly-tipping happens and the best ways to deter it. I present these statements to provide accountability to the Parliament and, through it, the public. Alongside wider carbon pricing policies, this will continue to encourage decarbonisation of the power sector. ‘Lowest–paid full–time workers’ defined as those at the fifth percentile of the earnings distribution. (50), Intangibles reform – The government will legislate in Finance Bill 2020 to remove the pre-2002 exclusion from the Intangible Fixed Assets (IFA) regime to support UK investment in intellectual property and other intangible assets. FY 2018 * FY 2019 FY 2019 to FY 2020 Enacted Annualized CR Request Change % Change FY 2020 1.2 – Budget Adjustments Table Financial Crimes Enforcement Network (FinCEN) FTE FY 2019 Continuing Resolution 332 $115,003 Changes to Base: Maintaining Current … First year allowances for zero emission goods vehicles and natural gas and hydrogen refuelling equipment will also be extended. Over the past decade, the government has taken action to restore the public finances to health, reducing the deficit by four fifths. 3 The overall spending level in 2024-25 has been adjusted for the costs of these measures. The government will also introduce a Financial Services Bill later in the session which will ensure that the UK maintains its world-leading regulatory standards and remains open to international markets. Together with what we have announced since the start of the crisis, measures in this Budget will see $14 billion in new and accelerated infrastructure projects support a further 40,000 jobs. Housing infrastructure allocations – The Budget confirms allocations from the Housing Infrastructure Fund totalling £1.1 billion for nine different areas, including Manchester, South Sunderland and South Lancaster. Budget 2020. Employment is at a record high and the unemployment rate is the joint-lowest since 1975. ↩, ‘Call for evidence: simplification of partial exemption and the Capital Goods Scheme’, HM Revenue & Customs, July 2019 ↩, ‘Annual Report and Accounts 2018-19, HMRC, August 2019; ‘Spring Statement 2019: Written Ministerial Statement’, HM Treasury, March 2019 ↩, ‘Revenue and Customs Brief 10 (2019): domestic reverse charge VAT for construction services – delay in implementation’, HM Revenue & Customs, September 2019. The government will help small businesses take on extra staff to fulfil their potential and boost employment by delivering on its commitment to increase the Employment Allowance to £4,000. The Budget announces a CCS Infrastructure Fund to establish CCS in at least two UK sites, one by the mid-2020s, a second by 2030. The government is also helping people with the cost of living by freezing fuel duty for the tenth consecutive year, freezing all alcohol duties, applying a zero rate of VAT to e-publications, abolishing the tampon tax, and making it easier for parents of up to 500,000 school-age children to access Tax-Free Childcare. Increase in the repayment period for Universal Credit advances and reduction in the maximum debt deduction cap on the Universal Credit standard allowance – From October 2021, the period over which Universal Credit advances will be recovered will increase to 24 months, while the maximum rate at which deductions can be made from a Universal Credit award will reduce from 30% to 25% of the standard allowance. [footnote 4] It then expects growth to fall back to 3.1% by 2024. In a second scenario, assuming broader contagion, the OECD suggests that global growth could be reduced more significantly in 2020, to 1.5%. The purpose of the 2020-21 Portfolio Budget Statements (PB Statements) is to inform Senators and Members of Parliament of the proposed allocation of resources to government outcomes by entities within the portfolio. Looking further ahead, the UK also faces challenges in the medium to long term. This includes debts owed to central and local government. Fiscal Year 2020. It will, at a minimum, match current levels of funding to each nation from EU structural funds. 2 Central government net cash requirement (excluding. (63). To this end, the government is committing an extra £12 million for the National Institute for Health Research in 2020-21. Therefore, the Budget announces a three-point plan to provide support for: The plan includes a range of timely, targeted and temporary measures to deliver support when and where it is needed, at a total cost of £12 billion. Building commercial capability – Central government spends £50 billion per year on third-party goods and services. These firm decisions on the Departmental Expenditure Limits (DEL) envelope for the CSR mean that the average annual real growth of Total Managed Expenditure (TME), the total amount of money that the government spends through departments, local authorities, other public bodies and social security, will be 1.9% between 2019-20 and 2024-25. [footnote 11] As Chart 1.6 and 1.7 show the cost of government debt as a share of government revenues is now at a post-war low, due to historically low interest rates on government borrowing. The government remains committed to developing a multilateral solution to the challenges digitalisation has created for the corporate tax system and will repeal the DST once an appropriate global solution is in place. Underlying spending (excluding debt interest expenditure) is forecast to be higher in every year from 2020-21 onwards. (17). The government is transforming regional connections through the largest ever investment in England’s motorways and major A roads. Day-to-day departmental spending is set to grow at the fastest rate over a spending review period since Spending Review 2004. In February, the Prime Minister announced £5 billion of new funding for buses and cycling. 1:02am, Oct 7, 2020 Updated: 4:09pm, Dec 22. This devolution deal is an important step in delivering on our levelling up agenda by giving power and investment to local areas. Spending Round 2019 committed to a £7.1 billion cash increase in funding for schools by 2022-23. Our plan provides an overview of Treasury’s operating environment, key priorities and activities, capabilities and how we will measure performance. This is the Budget in full and supporting documents. 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