A year ago, we were trying to consider the financial impact of the coronavirus pandemic when it first fully hit the UK and we were very much still trying to get our heads round new terms, new schemes, new support measures and HMRC extensions.
Chancellor of the Exchequer, Rishi Sunak, has recently implied that Capital Gains Tax (“CGT”) rates will come under increased scrutiny, as the Government attempts to fill the budget deficit caused by the ongoing COVID-19 pandemic. With the Autumn Budget soon approaching, these reforms may now just be a matter of weeks away!
A video series from AAB featuring top tips on planning, operating and continuously adapting in the next normal and beyond.
The impact of COVID-19 on the economy is likely to be long lasting. The UK economy contracted by 2% in the first quarter of the year and analysts expect the figure to be worse for the second quarter as lockdown continues.
Four weeks ago, the First Minister announced that the Scottish Government was establishing a £350 million emergency package of support for communities, which included a £50 million wellbeing fund for Third Sector organisations.
Over the weekend, the Government announced further measures designed to support businesses through the COVID-19 crisis. These included the welcome news that the wrongful trading rules will be relaxed from 1 March 2020, relieving the pressure on directors of potential personal liability for trading on whilst insolvent.