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Published 11 March 2020
With all that is happening in the wider world led by the Coronavirus, today’s budget was headlined by the new Chancellor promising that ‘life will return to normal’ and as regards the various promises made in the manifesto that “this budget gets it done”. We focus on a bullet point summary of the important implications from a tax point of view looking at those which affect the business community.
There are some potentially major reviews taking place which could have significant changes to parts of the business community:
Fortunately there has been no announcement on the John Lewis model introduced 6 years ago which is based on the idea of selling your company to an Employee Ownership Trust where the beneficiaries are the company’s staff. Whilst this may be publicised as being done for altruistic purposes, the effective zero rate of tax is very attractive.
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