UK Government Budget 2021.pdf

The UK Government's 2021 Budget includes several key measures:
- The main corporation tax rate will increase to 25% from April 2023 for companies with profits of at least £250,000, while a new small companies' rate of 19% will apply to companies with profits of up to £50,000.
- A 130% first-year capital allowance will be available for companies investing in qualifying new plant and machinery for two years from April 2021.
- The personal allowance will rise to £12,570 and the higher rate threshold will be £50,270 for 2021/22, then frozen until 2025/26.
- The capital gains tax annual exemption, inheritance tax rate nil rate bands, and pensions lifetime allowance will be frozen at current levels until April 2026.
- The exemption from stamp duty land tax on the first £500,000 of residential property value will be extended to 30 June 2021, then replaced by a £250,000 exemption until 30 September 2021.
- The coronavirus job retention scheme will be extended until 30 June 2021, then phased out over the following three months.
- The self-employed income support scheme will be extended with a fourth grant covering February to April and a fifth grant covering May to September at a lower level for those with less than a 30% drop in turnover.
- The business rates holiday for retail, hospitality, and leisure businesses will be extended for three months, then reduced to a 66% relief until the end of March 2022.