Spring Budget 2021

The Spring Budget 2021

Our 2021 Spring Budget summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments.

If you have any questions, please do not hesitate to contact us for advice.

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.

Full Spring 2021 Budget Summary

Please see our full breakdown of the 2021 Spring Budget summary here Arthur Boyd & Company – Budget Summary 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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