Business support loans pass £31bn

More than 745,000 businesses in the UK have taken advantage of government-backed coronavirus loans worth £31.3 billion. Bounce-back loans accounted for £21.3bn, £8.9bn in business interruption loans went out, followed by £1.1bn in large business interruption loans. In...

Changes to entrepreneurs’ relief edge closer

Plans to change entrepreneurs' relief have reached the committee stage of Finance Bill 2019-21 in Parliament. The lifetime limit for gains qualifying for entrepreneurs' relief reduced from £10 million to £1m for disposals made on or after 11 March 2020. In Spring...

HMRC launches coronavirus grants crackdown

Individuals who fraudulently claimed coronavirus grants are in HMRC's sights, following a proposed amendment to Finance Bill 2019-21. In draft legislation posted on GOV.UK, the Revenue outlines how it will be able to recover payments where a recipient was not...

1 in 10 workers stop pension contributions

One in ten workers have stopped or reduced their pension contributions as a result of the coronavirus, according to a report. Scottish Widows polled 2,251 workers during the COVID-19 crisis and found that short-term financial pressures were affecting long-term saving...