The Chancellor today delivered his latest budget speech, outlining a three-part plan:

• 1.To continue to support those affected by Covid-19.
• 2.Begin fixing the public finances as a result of the unprecedented level of borrowing due to the Covi-19 support.
• 3.Rebuilding the economy
  
  

As ever, the devil will be in the detail, but some key points:

• 1.Continued Support

• An extension of the Coronavirus Job Support Scheme (known widely as "furlough") to September 2021 across the UK.
• An extension of the UK-wide Self Employment Income Support scheme to September 2021, with 600,000 more people who filed a tax return in 2019-20 now able to claim for the first time.
• An extension to the temporary cut in Stamp Duty Land Tax in England and Northern Ireland until September.
• A new mortgage guarantee scheme will enable all UK homebuyers secure a mortgage up to £600,000 with a 5% deposit.
• £5 billion for new Restart Grants – a one off cash grant of up to £18,000 for hospitality, accommodation, leisure, personal care, and gym businesses in England.
• A new UK-wide Recovery Loan Scheme to make available loans between £25,001 and £10 million, and asset and invoice finance between £1,000 and £10 million.
• Extension of the Film & TV Production Restart scheme in the UK, with an additional £300 million to support theatres, museums and other cultural organisations in England through the Culture Recovery Fund.
• Six-month extension of the £20 per week Universal Credit uplift.
• A one-off payment of £500 to eligible Working Tax Credit claimants across the UK.
• Extension to the VAT cut to 5% for hospitality, accommodation and attractions across the UK until the end of September, followed by a 12.5% rate for a further six months until 31 March 2022.
• Extension of the apprenticeship hiring incentive in England to September 2021 and an increase of payment to £3,000.
• £7 million for a new "flexi-job" apprenticeship programme in England, that will enable apprentices to work with several employers in one sector.
• Additional £126 million for 40,000 more traineeships in England, funding high quality work placements and training for 16-24 year olds in 2021/22 academic year.
• More than doubling the legal limit for single contactless payments, from £45 to £100
• £10 million to support veterans with mental health needs across the UK.
• £19 million to tackle domestic abuse in England and Wales.
• £300 million for major spectator sports, supporting clubs and governing bodies in England as fans begin to return to stadia.
• Small and medium-sized employers in the UK will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) costs per employee from the Government.
• To further support the cashflow of businesses, the government is extending the loss carry back rules worth up to £760,000 per company.
• As previously announced by us, £100 million for a new Taxpayer Protection Taskforce to crack-down on COVID fraudsters who have exploited UK Government support schemes.

• 2.Fixing the Public Finances

• Maintaining the income tax Personal Allowance (at £12,570) and higher rate threshold (of £50,270) from April 2022 until April 2026.
• The rate of Corporation Tax will increase to 25%, as from April 2023. Businesses with profits of £50,000 or less, around 70% of actively trading companies, will continue to be taxed at 19% and a taper above £50,000 will be introduced so that only businesses with profits greater than £250,000 will be taxed at the full 25% rate.
• Maintaining IHT and CGT thresholds at their current levels until April 2026.
• Fuel duty will be frozen.
• Alcohol duties will be frozen across the board for the second year running.
• Capping the amount of SME payable R&D tax credit that a business can receive in any one year at £20,000 (plus three times the company's total PAYE and NICs liability).
• Maintaining the Pension Lifetime Allowance at its current level of £1,073,100 until April 2026.
• The adult ISA annual subscription limit for 2021-22 will remain unchanged at £20,000.

• 3.Rebuilding the Economy

• From April 2021 for two years, the new super-deduction will cut companies' tax bill by 25p for every pound they invest in new equipment.
• Eight new English Freeports will be based in East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teesside.
• The £375 million UK-wide 'Future Fund: Breakthrough' will invest in highly innovative companies such as those working in life sciences, quantum computing, or clean tech, that are aiming to raise at least £20 million of funding.
• Reforms to the immigration system will help ambitious UK businesses attract the brightest and best international talent.
• A new Help to Grow scheme to offer up to 130,000 companies across the UK a digital and management boost.
• £2.8 million to support a UK and Ireland bid to host the 2030 World Cup and £25 million investment in UK grassroots sports, enough for around 700 new pitches.
• Launching a review of Research & Development tax reliefs to make sure the UK remains a competitive location for cutting-edge research.
• £20 million to fund a UK-wide competition to develop floating offshore wind demonstrators and help support the government's aim to generate enough electricity from offshore wind to power every home by 2030.
• £68 million to fund a UK-wide competition to deliver first-of-a-kind long-duration energy storage prototypes that will reduce the cost of net zero by storing excess low carbon energy over longer periods.
• £4 million for a biomass feedstocks programme in the UK to identify ways to increase the production of green energy crops and forest products that can be used for energy.
• £135 million to progress A66 Trans-Pennine upgrade.
• Plans for at least £15 billion of green gilt issuance in the coming financial year, to help finance critical projects to tackle climate change and other environmental challenges, fund important infrastructure investment, and create green jobs across the UK.
• £150 million Community Ownership Fund will allow communities across the UK to invest to protect the assets that matter most to them such as pubs, theatres, shops, or local sports clubs.
• £18.8 million to transform local cultural projects in Hartlepool, Carlisle, Wakefield and Yeovil.
• Publication of the prospectus for the £4.8 billion UK-wide Levelling Up Fund, providing guidance for local areas on how to submit bids for the first round of funding starting in 21-22.

We will write a more detailed response, so please keep an eye out for any updates.