Chancellor Rishi Sunak has delivered his Spring Budget for 2021, here’s Magma’s six key points to take away from it:
- Support-led budget, with tax hikes kicked down the road.
- Covid recovery: – extension of furlough, self-employment, premises grants & wider support measures until at least September.
- Stimuli for business investment: – enhanced tax breaks for capital investment, extended reliefs for business losses, extension of apprenticeships grants and more.
- Stamp duty land tax ‘holiday’ extended by 3 months.
- Tax rates held for now: no immediate changes (as feared) to rates of income tax, national insurance contributions, capital gains tax, inheritance tax or VAT.
- Tax hikes for later: personal tax allowance and higher rate tax band frozen till 2026 and corporation tax to rise by up to 6% from April 2023.
Our full analysis of today’s budget impact for businesses and individuals will be available tomorrow. If you would like to be added to our mailing list, contact us at email@example.com.