Budget 2020: What does it mean for shipping?
The good news for the shipping sector in the 2020 Budget is that the 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, the IR35 changes, will be going ahead from 6 April 2020
- statutory sick pay changes as part of the Government’s response to Coronavirus
For further analysis on Budget 2020 please click on the link below: