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.
