Budget Report - Key points I found helpful...
Viral Patel
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Viral Patel
Helping you Make Smart Financial Decisions for a Secure and Prosperous Future | Alternative Financial Planning is not just about Investments, Pensions, ISAs, Insurance or Mortgage products.
- The current Stamp Duty holiday will be extended to 30th June, the nil rate band will then apply to properties valued at ￡250k until the end of September before returning to the usual level of ￡125k from 1st October
- A new mortgage guarantee scheme enabling 95% mortgages to be available to first time buyers on properties up to ￡600,000 (as reported at the weekend). This will begin in April and will last until the end of 2022. Further specific details are available here.
- BBLS and CBILS – to be replaced by a new recovery loan scheme, whereby businesses of any size can apply for loans of between ￡25k and ￡10m through to the end of 2020; with the Government to provide a guarantee to lenders of 80%
- Corporation Tax will increase to 25% by April 2023, but will tapered for companies with lower profits – contrary to some of the reports in recent days, this is not being phased in over years, but instead signposted two years in advance of its introduction
- A review of the bank surcharge in light of the increase to corporation tax to ensure the sector’s implied rate of tax does not increase significantly; and to protect the banking sector’s international competitiveness
- For the next two years, when companies invest, they can take advantage of a new super-deduction scheme and reduce their tax bill by 130% of the cost
- Inheritance tax threshold; pensions lifetime allowance; and the annual exempt amount in capital gains tax are all to be maintained at their current levels until 2026; and likewise the VAT registration threshold for two years from 2022.
- Personal tax thresholds to be frozen – the personal allowance will freeze from next year until 2026; the higher rate threshold will increase to ￡50,270 next year and will likewise remain at that level for the same period
- The extension of the Furlough Scheme until the end of September – taking it beyond the end date of Covid restrictions. From 1st July, the scheme will be gradually tapered away with employers making a greater contribution until it is withdrawn altogether by the end of September.
- Self-employed support to continue until September; with greater grant support available for those whose turnover has fallen by more than 30%
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4 年Thanks for sharing