The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'.
Main Budget proposals
Tax measures include:
a super-deduction for companies investing in new plant and machinery
a time extension of the temporary increase to the SDLT nil rate band for residential property in England and Northern Ireland
an extension to the temporary 5% reduced rate of VAT for certain supplies
a temporary increase in the carry-back period for business losses
an increased rate of corporation tax from 2023.
Other measures include:
a new mortgage guarantee scheme
extension to the Job Retention Scheme
a Self-Employment Income Support Scheme fourth and fifth grant
an extension to the business rates holiday in England.
Previously announced measures include:
a cap on the amount of R&D tax credit paid to a loss-making small or medium-sized enterprise
new rules apply to off-payroll working payments made for services provided on or after 6 April 2021.
Some Budget proposals may be subject to amendment in the 2021 Finance Act. You should contact us before taking any action as a result of the contents of this summary.
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