Introduction

The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021.

Nottingham: 0115 9621590 - Newark: 01636 702100

The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'.

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.

About Hobsons

Hobsons was established in 1927 and today, we continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike. We have many clients in the local community and service businesses, small and large, across many sectors.

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Nottingham Office

Please call:
0115 9621590

Hobsons, Alexandra House, 43 Alexandra Street, Nottingham, Nottinghamshire NG5 1AY
Newark Office

Please call:
01636 702100

Hobsons, International House, Brunel Drive, Newark, Nottinghamshire NG24 2EG

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