Budget summary – March 2021

Furlough extended to end of September 2021
Support for self-employed also extended to September 2021
600,000 more self-employed people will be eligible as access to grants is widened
Minimum wage to increase to £8.91 an hour from April 2021

No change to rates of income tax, national insurance, capital gains tax or VAT
Tax-free personal allowance to be frozen at £12,570 from April 2021 to 2026
Higher rate threshold to be frozen at £50,270 from April 2021 to 2026
Corporation tax on company profits to rise from 19% to 25% in April 2023
Rate to be kept at 19% for 1.5 million smaller companies with profits less than £50,000
Stamp duty holiday on house purchase in England and Northern Ireland to be extended to June – no stamp duty on purchases of less than £500,000.
Inheritance tax thresholds, pension lifetime allowances and annual capital gains tax exemption to be frozen at 2020-21 levels until 2025-26
Businesses will be able to reduce tax bills by deducting 130% of investment in plant & machinery and equipment
Business rates holiday extended to June

Contact Don Fisher for further information.