Chancellor Rishi Sunak has announced the government budget. Here are a few of the more interesting bits:
Extending £500 Test and Trace support payments in England until the summer.
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
A new mortgage guarantee scheme will enable all UK homebuyers secure a mortgage up to £600,000 with a 5% deposit.
Six-month extension of the £20 per week Universal Credit uplift in Great Britain,
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.
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.
Maintaining the income tax Personal Allowance and higher rate threshold from April 2022 until April 2026.
Legal limit for single contactless payments goes up from £45 to £100
Fuel duty will be frozen for the 11th consecutive year.
Alcohol duties will be frozen across the board for the second year running.
Maintaining inheritance tax thresholds at their current levels until April 2026.
£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.
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.
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
Additional £126 million for 40,000 more traineeships in England, funding work placements and training for 16-24 year olds in 2021/22 academic year.
£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 government-sponsored national museums in England
£300 million for major spectator sports, supporting clubs and governing bodies in England as fans begin to return to stadia.
Corporation Tax will increase to 25%, 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.
Beginning April 2021, the new super-deduction will cut companies’ tax bill by 25p for every pound they invest in new equipment.
£2.8 million to support a UK and Ireland bid to host the 2030 World Cup and £25 million investment in UK grassroots sports, enough for around 700 new pitches.
Over £1 billion funding for a further 45 towns in England through the Towns Fund
£28 million to fund the Queen’s Platinum Jubilee celebrations in 2022.
Plans for at least £15 billion of green gilt issuance in the coming financial year, to help finance critical projects to tackle climate change
£150 million Community Ownership Fund will allow communities across the UK to invest to protect the assets that matter most to them such as pubs, theatres, shops, or local sports clubs.
