Budget

Tax | Budget 2021: super-deduction capital allowance

A new 130% first-year capital allowance for qualifying plant and machinery assets; and a 50% first-year allowance for qualifying special rate assets

4 Mar 2021

Tax | Budget 2021: freeports confirmed for eight locations

As part of the UK's post Brexit trade vision, the Chancellor confirmed the go-ahead for plans for a number of freeports with tax benefits spread across the country

3 Mar 2021

Tax | Budget 2021: pensions lifetime allowance frozen

The government will maintain the pensions Lifetime Allowance at its current level of £1,073,100 until April 2026, removing the usual annual incremental rises

3 Mar 2021

Tax | Budget 2021: self employed grants extended

As part of the government’s covid support package, the Chancellor confirmed further extension of the self employed income support scheme (SEISS) with two new tranches of grant

3 Mar 2021

Tax | Budget 2021: stamp duty cut in place until June

In a welcome move for home buyers midway through property transactions, the Chancellor confirmed that the stamp duty holiday would remain in place for a temporary period

3 Mar 2021

Property tax

Tax | Budget 2021: Recovery Loan Scheme set for April launch

A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the Covid-19 pandemic was announced at the Budget

3 Mar 2021

Tax | Budget 2021: 5% VAT rate for hospitality until September

To continue supporting the 150,000 businesses in the tourism and hospitality sectors and to protect 2.4 million jobs, the government has extended the temporary 5% reduced rate of VAT until 30 September 2021

3 Mar 2021

VAT

Tax | Budget 2021: income tax thresholds frozen

The Chancellor committed to the triple lock manifesto promises but froze income tax thresholds in the Budget for five years

3 Mar 2021

Personal tax

Tax | Budget 2021: corporation tax to increase to 25%

The Chancellor plans to raise corporation tax by 6% to a new 25% rate from 2023 raising an additional £22bn in revenues

3 Mar 2021

Tax | Budget 2021: furlough scheme extended to September

The Chancellor has announced that the furlough scheme will be extended to the end of September with employers expected to make additional contributions from July

3 Mar 2021

Tax | Tax reform needed to address unsustainable public finances

The influential Treasury Committee is calling for the Chancellor to set out a long-term tax strategy to address the hole in public finances following the pandemic, while reforming the tax status of all types of worker should be a priority

1 Mar 2021

Tax | Accountants expect corporation tax rise in Budget

A rise in corporation tax of up to 3% and an extension of covid-related measures to support businesses until the release of lockdown are likely priorities in the Budget on 3 March

26 Feb 2021

Tax | Government to publish tax consultations on 23 March

In a change to the usual timing, the government will publish a number of tax-related consultations and calls for evidence at the end of March

18 Feb 2021

Consultations

Tax | Entrepreneurs need targeted support in Budget, says IoD

The Institute of Directors (IoD) is urging the Chancellor to put entrepreneurs at the heart of the recovery, and avoid damaging tax hikes, in its Budget submission

10 Feb 2021

Tax | Is corporation tax set to rise in the Spring Budget?

As the Chancellor Rishi Sunak prepares to deliver his latest Budget on 3 March 2021, there is growing speculation that he may look to increase the UK’s corporation tax rate. Rob Chedzoy, tax partner at Milsted Langdon, questions the timing

8 Feb 2021