Budget summary – March 2021

Coronavirus support

  • 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.