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”.
The main budget proposals include:
Tax measures include:
- Super-deduction for companies investing in new plant and machinery
- Time extension of the temporary increase to the SDLT nil rate band for residential property
- Extension of the temporary 5% reduced rate for VAT on certain supplies
- Temporary increase in the carry-back period for business losses
- Increased corporation tax rate from 2023
Other measures also include:
- Extension of the Job Retention Scheme and a fourth and fifth SEISS grant
- A new mortgage guarantee scheme
- Extension to the business rates holiday in England
For a full breakdown of the budget, please click here to read our summary.
If you have any queries on any of the topics discussed or need some advice, please do not hesitate to contact us by clicking on our Contact Us page or calling us on 01284 755956 for Bury or 01953 438450 for Wymondham.
