The Budget 2021

The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’.

Some Budget proposals may be subject to amendment in the 2021 Finance Act.
You should contact us before taking any action as a result of the contents of this summary.

Tax measures include

a super-deduction for companies investing in new plant and machinery

a time extension of the temporary increase to the SDLT nil rate band for residential property in England and Northern Ireland

an extension to the temporary 5% reduced rate of VAT for certain supplies

a temporary increase in the carry-back period for business losses

an increased rate of corporation tax from 2023

Previously announced measures include

a cap on the amount of R&D tax credit paid to a loss-making small or medium-sized enterprise

new rules apply to off-payroll working payments made for services provided on or after 6 April 2021

Other measures include

a new mortgage guarantee scheme

extension to the Job Retention Scheme

a Self-Employment Income Support Scheme fourth and fifth grant

an extension to the business rates holiday in England

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