SPRING BUDGET BREAKING NEWS

Here’s a summary of Rishi Sunak's 2021 Spring Budget!

▪️The stamp duty holiday on properties worth up to £500,000 will be extended until the end of June

▪️The "Help To Buy" scheme is back, with the Government helping ‘generation rent’ get on the property ladder with a deposit of just 5%

▪️Personal Tax thresholds to be frozen. No raises to the rates of income tax, national insurance, or VAT

▪️The income tax threshold will increase next year to £12,570, but it will be kept at this level until 2026. The higher rate threshold will rise to £50,270 next year, but will also then stay there until 2026

▪️Corporation tax to increase to 25% from 2023 for companies with a profit of more than £250,000

▪️Companies will be allowed to carry back some losses and claim additional tax refunds of up to £760,000

▪️The furlough scheme will be extended until the end of September. The government will contribute 70% in July, 60% in August and September, with companies paying the difference to 80%

▪️Businesses will be given incentive payments of £3,000 for all new hires of any ages

▪️The business rates holiday will be extended until the end of June, with a two-thirds discount for the remainder of the tax year

▪️The 5% reduced rate of VAT will be extended for six months to 30th September followed by an interim rate of 12.5% for another six months. The standard rate will not return until April next year

▪️A new restart grant of up to £6,000 per premises in April and up to £18,000 for firms that open up later.

For any questions please feel free to contact Joel on joel.white@ramsayandwhite.com