Budget report March 2021

Thursday, 04 March 2021

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.

To view the full summary click on the link - Budget Report March 2021.