Furlough Scheme
- This has been extended till the end of September 2021, whereby the Government will pay 80% of wages up to £2,500pm. Employers must pay 10% of these wages in July and 20% in August and September
SEISS
- This has been extended till the end of September 2021
VAT
- The VAT cut to 5% for businesses such as restaurants, hotels and other leisure attractions will continue for a further 6 months until the end of September 2021. It will then be at an interim rate of 12.5% for a further 6 months
Business rates
- Business rates holidays will continue for a further 3 months until June 2021, with a 75% discount for a further 9 months after
Grants
- Restart grants will be available for shops and other business forced to close
- Non-essential outlets due to re-open in April 2021 will be given up to £6,000 and gyms and other hospitality and leisure business will be given up to £18,000
Housing
- The stamp duty holiday for homes up to £500,000 will be extended till the end of June 2021.
Personal finance
- Personal tax allowance will be frozen at £12,570 from April 2022 to 2026
- Higher rate threshold to be frozen at £50,270 from April 2022 to 2026
Corporation tax
- Corporation tax on company profits to rise from 19% to 25% in April 2023, but rates to be kept at 19% for companies which have profits of less than £50,000. Tapered corporation tax rates for profits between £50,000 and £250,000
- Companies will be able to carry back losses of up to £2m for up to 3 years
Taxes in general
- No increase to income tax, National Insurance or VAT
- Capital gains tax annual allowance, lifetime pension allowance and inheritance tax allowance are all frozen
Other
- Contactless payment limit set to increase to £100 later this year
- Incentive grants for apprenticeships to increase to £3,000
- Minimum wage to increase to £8.91 an hour from April
- £20 uplift in Universal Credit to be extended for a further 6 months
- Working tax credit claimants to get a one off payment of £500
- Fuel duty to be frozen
- Alcohol duties to be frozen
