Budget 2021: Pensions lifetime allowance frozen for five years March 3, 2021 The pensions lifetime allowance will be frozen at its existing level until April 2026, in a move that effectively decreases its value when inflation is taken into account. The Chancellor today said the lifetime allowance would remain at its current £1,073,100 for the next five years, rather than increasing in line with inflation. The move [...]
Stamp duty holiday: Property industry welcomes extension but calls for long-term reform March 3, 2021 Developers and property industry experts have welcomed the Chancellor’s extension of the stamp duty holiday but urged the government to fully reform the tax in the future. Rishi Sunak this afternoon confirmed that the higher stamp duty threshold of £500,000 will remain in place until 30 June – an extension of the original 30 March [...]
Budget 2021: Bank surcharge to be reviewed in light of corporate tax hike March 3, 2021 The surcharge levied on bank profits will come under review later in the year, in light of planned changes to corporation tax. Chancellor Rishi Sunak today said the additional bank surcharge of eight per cent on profits would be reviewed because the increase in the main corporate tax to 25 per cent would make UK [...]
Budget 2021: Thames Estuary one of eight new freeports March 3, 2021 The Chancellor has today used the Budget to announce the locations of England’s eight new “freeports”, including one on the Thames Estuary. The new economic zones, which offer tax advantages and customs relief to businesses, will provide an “unprecedented economic boost across the UK”, Rishi Sunak said. In addition to the Thames port, the other [...]
Budget 2021: Beer duty increase scrapped March 3, 2021 The chancellor this afternoon announced that the planned rise in beer duty will be scrapped in recognition of the challenges facing the hospitality sector. Rishi Sunak said planned tax increases on beer, wine and spirits will be cancelled for the second year in a row, following a tough period for pubs and restaurants. “This applies [...]
Spac revolution set to unlock Big Bang 2.0 for the City of London March 3, 2021 The UK is set to spark a second Big Bang for the City post-Brexit, with a landmark government report calling for regulators to allow Spacs to list in London and ease a range of share listing restrictions. Lord Jonathan Hill’s report into future financial services regulation, released today, calls for a range of deregulatory measures [...]
Budget 2021: Fuel duty freeze to continue for another year March 3, 2021 Chancellor Rishi Sunak has extended the freeze on fuel duty for another year, he announced at this afternoon’s Budget. It is the 11th straight year in which taxes on fuels have stayed the same price – 57.95p a litre. Motorists had feared that the decade-long freeze, which dates back to the days of the coalition [...]
Budget 2021: UK launches new Covid-19 business loan scheme March 3, 2021 Chancellor Rishi Sunak today unveiled a new loan scheme to support businesses hit by the pandemic, replacing previous emergency government funding. The Recovery Loans Scheme will offer loans from £25,000 to £10m up to the end of the year, with the government providing lenders with a 80 per cent guarantee. The programme replaces the Bounce [...]
Budget 2021: Sunak keeps VAT at reduced rate for hospitality and tourism firms March 3, 2021 The five per cent reduced rate of VAT for the hospitality sector will continue for another six months, the Chancellor has announced. As part of a new raft of measures to help the hospitality sector recover from the pandemic Rishi Sunak told the House of Commons the reduced rate would be extended until 30 September. [...]
Budget 2021: Business rates holiday extended to end of June March 3, 2021 The business rates holiday for retail and hospitality firms will continue until the end of June, the chancellor announced today. Rishi Sunak told the House of Commons that the 100 per cent business rates holiday will be extended for three months. For the remaining nine months of the financial year, business rates will be discounted [...]