Here are some of the key highlights from the 2021 budget-
An extension of the Coronavirus Job Support Scheme to September 2021 across the UK.
An extension of the UK-wide Self Employment Income Support scheme to September 2021, with 600,000 more people who filed a tax return in 2019-20 now able to claim for the first time.
An extension to the temporary cut in Stamp Duty Land Tax in England and Northern Ireland until September will support the housing market and protect and create jobs.
A new mortgage guarantee scheme will enable all UK homebuyers secure a mortgage up to £600,000 with a 5% deposit.
£5 billion for new Restart Grants – a one off cash grant of up to £18,000 for hospitality, accommodation, leisure, personal care and gym businesses in England.
A new UK-wide Recovery Loan Scheme to make available loans between £25,001 and £10 million, and asset and invoice finance between £1,000 and £10 million, to help businesses of all sizes through the next stage of recovery.
Extension of the Film & TV Production Restart scheme in the UK, with an additional £300 million to support theatres, museums and other cultural organisations in England through the Culture Recovery Fund.
Six-month extension of the £20 per week Universal Credit uplift in Great Britain, with the Northern Ireland Executive receiving additional funding to match the increase. A one-off payment of £500 to eligible Working Tax Credit claimants across the UK.
Extension to the VAT cut to 5% for hospitality, accommodation and attractions across the UK until the end of September, followed by a 12.5% rate for a further six months until 31 March 2022.
750,000 eligible businesses in the retail, hospitality and leisure sectors in England will benefit from business rates relief.
Extension of the apprenticeship hiring incentive in England to September 2021 and an increase of payment to £3,000.
£7 million for a new “flexi-job” apprenticeship programme in England, that will enable apprentices to work with a number of employers in one sector.
Additional £126 million for 40,000 more traineeships in England, funding high quality work placements and training for 16-24 year olds in 2021/22 academic year.
More than doubling the legal limit for single contactless payments, from £45 to £100
£10 million to support veterans with mental health needs across the UK.
£19 million to tackle domestic abuse in England and Wales, with funding for a network of ‘Respite Rooms’ to support homeless women and a programme to prevent reoffending.
£90 million funding to support our government-sponsored national museums in England due to the financial impact of Covid-19.
£300 million for major spectator sports, supporting clubs and governing bodies in England as fans begin to return to stadia.
Small and medium-sized employers in the UK will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) costs per employee from the Government.
To further support the cashflow of businesses, the government is extending the loss carry back rules worth up to £760,000 per company.
£100 million for a new Taxpayer Protection Taskforce to crack-down on COVID fraudsters who have exploited UK Government support schemes.
Maintaining the income tax Personal Allowance and higher rate threshold from April 2022 until April 2026.
To balance the need to raise revenue with the objective of having an internationally competitive tax system, the rate of Corporation Tax will increase to 25%, which will remain the lowest rate in the G7. In order to support the recovery, the increase will not take effect until 2023. Businesses with profits of £50,000 or less, around 70% of actively trading companies, will continue to be taxed at 19% and a taper above £50,000 will be introduced so that only businesses with profits greater than £250,000 will be taxed at the full 25% rate.
Maintaining inheritance tax thresholds at their current levels until April 2026.
Fuel duty will be frozen for the 11thconsecutive year.
Alcohol duties will be frozen across the board for the second year running saving drinkers £1.7 billion.
Capping the amount of SME payable R&D tax credit that a business can receive in any one year at £20,000 (plus three times the company’s total PAYE and NICs liability).
Maintaining the Lifetime Allowance at its current level of £1,073,100 until April 2026.
The adult ISA annual subscription limit for 2021-22 will remain unchanged at £20,000.
