Now that Boris Johnson and his Conservative party have won the General Election will we finally “Get Brexit Done”? More importantly, can the Government now get on with running the country and sorting out urgent issues such as the NHS?
We are still awaiting the date of the Budget which is likely to be early in the New Year. That Budget is likely to include some of the tax measures included in the Conservative Party election manifesto. The manifesto promised that there will be no changes to the rates of income tax, national insurance or VAT.
The manifesto stated that the corporation tax rate would remain at 19% instead of reducing to 17% on 1 April 2020 to provide an extra £6 billion for the NHS. Businesses would however benefit from a planned increase in the structures and buildings allowance from 2 per cent to 3 per cent. That allowance provides tax relief for the construction or renovation of commercial buildings.
The manifesto also announced that the national insurance threshold would be raised to £9,500 in 2020/21, from the current £8,632.
The party’s ambition was to raise the threshold to £12,500 in line with the income tax personal allowance.