Budget 2021

Main Budget proposals 

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. 

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. 

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. 

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.

Share this

Gold Patrons & Strategic Partners