Guide to Budget 2020

  • Explain the aims of Budget 2020
  • Identify tax changes made in the budget
  • Explain impact of Coronavirus on economy
Guide to Budget 2020


The challenge laid down to Chancellor Rishi Sunak for the budget this month was vast - even without the uncertainty and disarray brought on by Coronavirus.

For Budget 2020, the government decided to frame fiscal policy within two priorities.

The first was that the day to day government budget would be balanced within three years, the second that billions would be spent on infrastructure and other spending in the North of England, and that a target rate of growth would be above 2 per cent in normal times.

Tax also received some mentions.

The tapered annual allowance and the Junior Isa are among those where changes have been made.

This guide will look at the key changes that were made by chancellor Sunak, amid the threat of Coronavirus, which are relevant to adviser clients.

The guide is worth an indicative 60 minutes' CPD.

In this guide


Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. What do NI credits do?

  2. The new tapered tapered annual thresholds are:

  3. For those earning more than £300,000, what will be their annual allowance?

  4. True or false, under the new rules high earners caught in the tapered allowance net will not have to pay a tax charge.

  5. Many of the spending pledges in the budget relate to the first two years of this parliament. According to Paul Johnson, at the end of that time if growth has not picked up by then what might need to happen?

  6. True or false, Coronavirus is both a demand shock and a supply shock to the economy.

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  • Explain the aims of Budget 2020
  • Identify tax changes made in the budget
  • Explain impact of Coronavirus on economy

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