Budget 2021

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
• 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.

Download our Budget 2021 Flipbook here

Download pdf version of Budget Summary here

Contact us if you require clarification on any of the measure announced in the Budget