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Budget update

3/3/2021

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Coronavirus support. A number of spending commitments have already been announced. They include:
  • Furlough to be extended until the end of September
  • Government to continue paying 80% of employees' wages for hours they cannot work
  • Employers to be asked to contribute 10% in July and 20% in August and September
  • 600,000 more self-employed people will be eligible for help as access to grants is widened
  • £20 uplift in Universal Credit to be extended for another six months
  • Minimum wage to increase to £8.91 an hour from April.
Taxation
  • No changes to rates of income tax, national insurance or VAT
  • Personal income tax allowance to be frozen at £12,570 from 2022 to 2026
  • Higher rate income tax threshold to be frozen at £50,270 from 2022 to 2026
  • Corporation tax on company profits to rise from 19% to 25% in April 2023
  • Rate to be kept at 19% for about 1.5 million smaller companies
Business, digital and science
  • Incentive grants for apprenticeships to rise to £3,000 and £126 for traineeships
  • VAT cut for hospitality firms to be maintained at 5% until September
  • Interim 12.5% rate to apply for the following six months
  • Business rates holiday for firms in England will continue from April until June
  • £5bn in re-opening grants for non-essential businesses of up to £6,000 per premises.
  • Corporation tax will increase to 25% from 2023 but income tax thresholds will freeze, in the Chancellor's plans to boost the economy after Covid.
  • A further 600,000 self-employed people will be eligible for help as access to grants is widened.
  • 5% reduced rate of VAT for tourism and hospitality will be extended for six months to the end of September
  • The 100% business rates holiday in England will continue from April until June.
  • Stamp duty cut will continue until the end of June, with the nil rate band set at £250,000

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