Employers/ employees:

• Furlough extended to 30^th September 2021, with businesses starting to contribute part of the 80% starting in July. Employers contribute 10% in July and 20% in August and September. Confirmed
• Non-essential retail – back to work grants, up to £6000 per business
• Hospitality businesses – back to work grants, up to £18,000 per business

Self-employed:

• Fourth SEISS grant covering the months February 2021- April 2021. This was announced last year but with the amount (expected to stay at 80% of self-employed earnings to a maximum of £7,500) and timing of the claim to be announced today 3^rd March 2021. Confirmed, new criteria – those whose turnover has been affected 30% or more can claim 80%, if less than 30% a 30% grant can be claimed.
• Fifth SEISS grant -expected that a further self-employed grant will be offered, details of which will be provided in the budget. This has been confirmed, further support from May to September 2021 (claims open late July)
• It has been confirmed that more self-employed people will be able to claim the fourth and fifth grants, with those filing a 2019/20 self-assessment now eligible if they meet the criteria.

• Universal Credit increase extended – £20 available for another 6 months to 30th September 2021 – paid in a one off payment of £500.
• National living wage – will now be £8.91 per hour.
• New apprenticeship hires 1^st April to 30^th September – employers will now get £3,000 per apprentice.

Business tax

• VAT – it is anticipated that the reduced 5% rate of VAT for the hospitality sector will be extended. Confirmed extended by 6 months to 30^th September 2021, and then moved to 12.5% from October 21 until April 2022.
• Corporation tax – Corporation tax rates will rise in the coming years, aimed at larger companies to allow the smaller more time to recover before rises are implemented.
• From April 2023 Corporation tax will rise to 25% for those with profits over £250k.
• Small profits rate for those under £50k profit stay at 19%.
• Tapered tax rise £50k-£250k
• Company carry-forward losses to be increased to £2m.
• For the next 2 years – Tax super deduction for companies investing after the pandemic. They can claim 130% reduction of the cost of this expenditure from their company tax.
• New loan scheme for businesses (replaces the bounce back and CIBLS loan schemes) Recovery loan scheme- from £25k – £10m – guarantee to lenders of 80% backed by government.
• Business rates – Zero until June, reduced rate for remaining 9 months of the year.

Property tax

• SDLT – reduced Stamp dutyland tax on sales of residential property could be extended, currently this is due to end on 31^st March 2021.
• Extended to 30^th June 2021
• Moves to £250k until September 2021, then back down to £125k

Personal tax

• Income tax is expected to continue at the current rates with the personal allowance staying at £12,500. Confirmed personal allowances stay at £12,500, and will rise to £12,570 in 2022, fixed until 2026.
• Tax thresholds to remain the same, with a small uplift in 2022
• CGT – This will rise in the near future, but no details provided as yet.

Other details

• Mortgage guarantee – 95% of mortgages to be backed by the government.
• No increase in fuel or alcohol duties.