Rough guide to the UK Chancellor's spring budget 2021
State of the economy[/b]
1. The current furlough scheme where the government pays 80% of your earnings and your company the rest will continue until September.
2. Support for the self-employed to continue until September
3. The £20 extra paid under Universal Credit will continue for another six months
4. Working Tax Credits claimants to get one off £500 payment
5. Minimum Wage set at £8:91 from April
6. Economy shrank 20% last year
7. Growth this year estimated at +4%
8. Growth next year predicted at 7.3% returning the UK economy to pre-Covid level.
9. 700,000 have lost jobs since Covid began
10. Unemployment expected to peak at 6.5% next year
11. Government borrowing for the forthcoming year: £3.5Bn. Highest ever in peacetime.
[b]Taxation
12. No changes to Income Tax rates. Personal allowances frozen from 2022 to 2026.
Corporation tax on profits to rise from 19% to 25% in April 2023.
Corporation tax rate for smaller companies remains at 19% for those with profits of less than £50,000.
Stamp duty 'holiday' on new home purchases in England and Northern Ireland to continue until June with no liability on homes under £500K
No changes to inheritance tax; lifetime pension allowance or Capital Gains tax allowances.
Health and education
£1.65Bn to aid Covid vaccine rollout
£19M to aid domestic violence programmes
£40M of new funding to support Thalidomide victims guaranteed lifetime support.
The Arts and Sport
£400M to help arts venues in England. Including art galleries and museums.
£300M 'recovery' package for professional sport and £25M for grassroots Football.
Business; Digital and Science
Tax breaks for firms on startup.
'Incentive grants' for Apprenticeships.
V.A.T rate for Hospitality companies capped at reduced rate of 5% until September.
12.5% for the following six months.
Business rates holiday for companies in England until June.
75% discount thereafter.
Contactless payment limit to be increased to £100 later this year.
New visa scheme to allow companies to source talent from overseas.
The sin taxes
If like me you made sure you filled the car yesterday hoping to beat a pretty certain fuel price hike today, we wasted our time !
No increases in fuel duty. Alcohol. Tobacco
This will make you smile/scowl.
You'll notice, nothing positive for public spending.
Nothing for all those hard working NHS staff; carers; care home staff......
https://www.bbc.co.uk/news/uk-politics-56266773
1. The current furlough scheme where the government pays 80% of your earnings and your company the rest will continue until September.
2. Support for the self-employed to continue until September
3. The £20 extra paid under Universal Credit will continue for another six months
4. Working Tax Credits claimants to get one off £500 payment
5. Minimum Wage set at £8:91 from April
6. Economy shrank 20% last year
7. Growth this year estimated at +4%
8. Growth next year predicted at 7.3% returning the UK economy to pre-Covid level.
9. 700,000 have lost jobs since Covid began
10. Unemployment expected to peak at 6.5% next year
11. Government borrowing for the forthcoming year: £3.5Bn. Highest ever in peacetime.
[b]Taxation
12. No changes to Income Tax rates. Personal allowances frozen from 2022 to 2026.
Corporation tax on profits to rise from 19% to 25% in April 2023.
Corporation tax rate for smaller companies remains at 19% for those with profits of less than £50,000.
Stamp duty 'holiday' on new home purchases in England and Northern Ireland to continue until June with no liability on homes under £500K
No changes to inheritance tax; lifetime pension allowance or Capital Gains tax allowances.
Health and education
£1.65Bn to aid Covid vaccine rollout
£19M to aid domestic violence programmes
£40M of new funding to support Thalidomide victims guaranteed lifetime support.
The Arts and Sport
£400M to help arts venues in England. Including art galleries and museums.
£300M 'recovery' package for professional sport and £25M for grassroots Football.
Business; Digital and Science
Tax breaks for firms on startup.
'Incentive grants' for Apprenticeships.
V.A.T rate for Hospitality companies capped at reduced rate of 5% until September.
12.5% for the following six months.
Business rates holiday for companies in England until June.
75% discount thereafter.
£5Bn in 're-opening' grants for non-essential businesses. Initially worth up to £6K per premises
.....very vague.Contactless payment limit to be increased to £100 later this year.
New visa scheme to allow companies to source talent from overseas.
The sin taxes
If like me you made sure you filled the car yesterday hoping to beat a pretty certain fuel price hike today, we wasted our time !
No increases in fuel duty. Alcohol. Tobacco
This will make you smile/scowl.
A new UK infrastructure bank to be created and run from Leeds.it will have £Bn12 in capital. With the aim of funding £Bn40 worth of public and private projects.
Trying to buy a few votes up there.You'll notice, nothing positive for public spending.
Nothing for all those hard working NHS staff; carers; care home staff......
https://www.bbc.co.uk/news/uk-politics-56266773
56-60, M
