CIPP Budget 2020 Summary

11 March 2020

The CIPP Policy team has produced a summary of the key items that will impact on payroll, pensions and general business activity from the Chancellor’s Budget 2020.

The Chancellor provided further guidance surrounding the payment of Statutory Sick Pay for individuals solely affected by Covid-19 and in instances where they are advised to self-isolate. We already knew that SSP would be payable from day one of absence, and the Budget confirmed that, for employers with 250 or less staff, the government would refund their SSP bill for a maximum period of two weeks.

The Chancellor also announced that Employment Allowance would increase from £3,000 to £4,000 for eligible employers, there would be a National Insurance holiday for companies employing veterans, and that the tapered annual allowance would increase by a substantial £90,000.

The Budget document can be found here and summarises the points that will be of most interest to those within the payroll profession.

 

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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.