Budget date confirmed as 11 March 2020

07 January 2020

 After the previous budget scheduled for 6 November 2019 was placed on hold due to the general election held in December, Sajid Javid has confirmed, after weeks of anticipation, that the budget will be held on Wednesday 11 March 2020.

The CIPP and payroll professionals have been eagerly awaiting the release of the budget date and welcome the fact that there is finally confirmation of when it is due to go ahead. The fact that it will take place in March when the new tax year commences on the sixth of the following month will prompt many to question if software developers and payroll departments will have sufficient time to plan and prepare for any changes. There are processes that can be implemented to deal with this, such as the practice of not applying new tax rates and limits  (should there be any changes) until 18 May. This system has been used in the past.

This will be Chancellor Sajid Javid’s first budget, the first since the general election and the first after Brexit, should the government’s intentions to leave the EU on 31 January 2020 come to fruition.

Mr. Javid pledged that billions of pounds would be invested across the country, with a focus on the environment. Speaking to the BBC, he said:

"There will be an infrastructure revolution in our great country.

 We set out in our manifesto during the election how we can afford to invest more and take advantage of the record low interest rates that we are seeing, but do it in a responsible way.

 There will be up to an extra £100bn of investment in infrastructure over the next few years that will be transformative for every part of our country.

 In the Budget, we will be setting out how we are going to take advantage of all the huge opportunities that Brexit will bring.

 Also, how we are going to help hard-working people in particular - especially with the cost of living - and how we are going to level up across the entire country."

 


Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information. Download the CIPP's Payroll: Need to know - your guide to payroll legislation and reporting for the most up to date data.