Budget Summary March 2021

We are pleased to provide our summary of the Chancellor’s 2021 Budget, which can be viewed by clicking on the image below.

With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the 2021 Budget against a backdrop of ongoing economic hardship. It was therefore perhaps not surprising that the announcement included revenue generating tax increases and the freezing of allowances, the headline perhaps being the 31% increase in corporation tax rates due to take effect in 2023. There is also some good news with big tax incentives to encourage corporate investment as well as targeted tax breaks for some sectors.

Budget rumours about higher capital gains tax rates coupled with reduced annual exemptions were fortunately wide of the mark and inheritance tax changes were limited to the freezing of reliefs.

Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. However, it also looks beyond the headlines and offers details on the less-publicised changes that are most likely to have an impact upon businesses and personal finances.

Should you have any questions or require any advice in connection with the Budget please email us at info@melloroxland.co.uk or give us a call on 0115 9644900.