13:28 PM, 3rd March 2021, About 5 months ago 31
Chancellor Rishi Sunak has given his 2021 pandemic recovery Budget with no immediate fiscal tax shocks, but the economy will look to be balanced in the medium term. Tax measures will include:
The Stamp Duty Holiday nil rate threshold of £500,000 to be extended to 30th June 2021 and then decreased to £250,00 until the end of Septemeber 2021 and return to the £125,000 threshold on the 1st October.
Personal Income Tax nil rate thresholds will be Frozen after the planned increases for April 2021 at £12,570 for the basic rate and £50,270 for high rate until 2026. While not increasing personal income tax this will increase the tax paid over time with inflation.
The Inheritance tax threshold will be frozen along with Capital Gains Tax threshold and Pensions lifetime allowance to the current levels.
Corporation tax will remain at 19% until April 2023 when it will be increased to 25%. However, there will be a small profits rate for below £50,000 tax at 19% after April 2023 and tapered increases of corporation tax up to 25% for profits from £50,000 to £250,000 and then a flat rate of 25% for £250,000 and above.
There will be a Super Deduction of 130% towards taxable profit for any investment costs in the next 2 years.
Companies will be able to offset losses against taxable income going back 3 years, allowing them to claim additional refunds of up to £760,000
There will be no increases in Alcohol or Fuel duty this year.
No changes to rates of National Insurance or VAT
The temporary increase of £20 a week in Universal Credit will continue for a further six months.
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