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.