{"id":1606,"date":"2021-03-03T16:47:25","date_gmt":"2021-03-03T16:47:25","guid":{"rendered":"https:\/\/loveloughborough.co.uk\/love-bid\/?p=1606"},"modified":"2024-07-24T11:51:55","modified_gmt":"2024-07-24T11:51:55","slug":"2021-budget-information-key-points-announced-today","status":"publish","type":"post","link":"https:\/\/loveloughborough.co.uk\/love-bid\/2021-budget-information-key-points-announced-today\/","title":{"rendered":"2021 Budget Information. Key points announced today"},"content":{"rendered":"<p><strong>2021 Budget \u2013 Key Tourism Points<\/strong><\/p>\n<p><strong><u>General Economic Status<\/u><\/strong><\/p>\n<ul>\n<li>700,000 people have lost their jobs, the economy shrank by almost 10% last year<\/li>\n<li>OBR forecast is for GDP to grow 4% this year, then by 7.3% in 2022, and then 1.7%, 1.6% and 1.7% in the last three years of the forecast<\/li>\n<li>Unemployment predicted to peak at 6.5%<\/li>\n<li>The government is borrowing 17% of GDP this year<\/li>\n<li>Next year borrowing will be 10.3% of GDP<\/li>\n<\/ul>\n<p><strong><u>Coronavirus Support<\/u><\/strong><\/p>\n<p><strong>VAT<\/strong><\/p>\n<ul>\n<li>5% rate extended for another six months followed by a 12.5% rate for a further six months<\/li>\n<\/ul>\n<p><strong>Business Rates<\/strong><\/p>\n<ul>\n<li>100% businesses rates holiday until June, followed by a two-thirds discount for the rest of the year.<\/li>\n<li>The discount is being capped at \u00a32 million per business for properties that were required to be closed on 5 January 2021, or \u00a3105,000 per business for other eligible properties.<\/li>\n<li>The government will legislate to ensure that the business rates relief repayments that have been made by certain businesses are deductible for corporation tax and income tax purposes.<\/li>\n<\/ul>\n<p><strong>Furlough<\/strong><\/p>\n<ul>\n<li>To be extended until the end of September at the 80% rate until July<\/li>\n<li>From July, the government will introduce an employer contribution towards the cost of unworked hours of 10% in July, 20% in August and 20% in September,<\/li>\n<\/ul>\n<p><strong>Restart Grants<\/strong><\/p>\n<ul>\n<li>Non-essential retail businesses will receive grants of up to \u00a36,000 per premises.<\/li>\n<li>Hospitality and leisure businesses will get grants of up to \u00a318,000.<\/li>\n<\/ul>\n<p><strong>ARG<\/strong><\/p>\n<ul>\n<li>An additional \u00a3425 million of discretionary business grant funding, on top of the \u00a31.6 billion already allocated.<\/li>\n<\/ul>\n<p><strong>SEISS<\/strong><\/p>\n<ul>\n<li>People whose turnover has fallen by 30% or more will continue to receive the full 80% grant.<\/li>\n<li>People whose turnover has fallen by the left the 30% will therefore have less need of taxpayer support, and will receive a 30% grant.<\/li>\n<li>The 4th grant will cover February to April, worth 80% of average trading profits up to \u00a37,500.<\/li>\n<li>A 5th grant will be available from July.<\/li>\n<\/ul>\n<p><strong>Recovery Loan Scheme<\/strong><\/p>\n<ul>\n<li>From 6 April 2021 the Recovery Loan Scheme will provide lenders with a guarantee of 80% on eligible loans between \u00a325,000 and \u00a310 million<\/li>\n<li>The scheme will be open to all businesses, including those who have already received support under the existing COVID-19 guaranteed loan schemes.<\/li>\n<\/ul>\n<p><strong>Support For Airports <\/strong><\/p>\n<ul>\n<li>The government is renewing the Airports and Ground Operations Support Scheme for a further six months from the start of 2021-22. This will provide support for eligible businesses in England up to the equivalent of half of their business rates liabilities during 2021-22, subject to certain conditions and a cap per claimant of \u00a34 million.<\/li>\n<\/ul>\n<p><strong>Extend Zoo Animals Fund<\/strong><\/p>\n<ul>\n<li>The government will extend the Zoo Animals Fund for a further three months until 30 June 2021.<\/li>\n<\/ul>\n<p><strong>Culture Recovery Fund<\/strong><\/p>\n<ul>\n<li>The government will provide a further\u00a0 \u00a3300 million to extend the Culture Recovery Fund<\/li>\n<\/ul>\n<p><strong>National Museums and Cultural Bodies<\/strong><\/p>\n<ul>\n<li>The government will provide \u00a390 million for continued support for government-sponsored National Museums and cultural bodies in England.<\/li>\n<\/ul>\n<p><strong><u>Other Policies<\/u><\/strong><\/p>\n<p><strong>\u00a0<\/strong><strong>Extended Loss Carry Back<\/strong><\/p>\n<ul>\n<li>The trading loss carry-back rule will be temporarily extended from the existing one year to three years. This will be available for both incorporated and unincorporated businesses.\n<ul>\n<li>Unincorporated businesses and companies that are not members of a corporate group will be able to obtain relief for up to \u00a32 million of losses in each of 2020-21 and 2021-22<\/li>\n<li>Companies that are members of a corporate group will be able to obtain relief for up to \u00a3200,000 of losses in each of 2020-21 and 2021-22 without any group limitations<\/li>\n<li>Companies that are members of a corporate group will be able to obtain relief for up to \u00a32 million of losses in each of 2020-21 and 2021-22, but subject to a \u00a32 million cap across the group as a whole<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Contactless Payment<\/strong><\/p>\n<ul>\n<li>From today, the maximum amount that can be paid through contactless payment will be raised from \u00a345 to \u00a3100<\/li>\n<\/ul>\n<p><strong>Apprenticeships<\/strong><\/p>\n<ul>\n<li>Employers who provide trainees with work experience will continue to be funded at a rate of \u00a31,000 per trainee.<\/li>\n<li>Employers who hire a new apprentice between 1 April 2021 and 30 September 2021 will receive \u00a33,000 per new hire<\/li>\n<\/ul>\n<p><strong>Corporation Tax Rate<\/strong><\/p>\n<ul>\n<li>This will increase to 25% on April 2023<\/li>\n<li>A Small Profits Rate of 19% will apply to businesses with a profit of over \u00a350,000<\/li>\n<li>There will be a tapered rate between profits of \u00a350,000 and \u00a3250,000<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>Super Investment Tax Deduction<\/strong><\/p>\n<ul>\n<li>To encourage investment, from 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will benefit from a 130% first-year capital allowance. This upfront super-deduction will allow companies to cut their tax bill by up to 25p for every \u00a31 they invest,<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>Air Passenger Duty<\/strong><\/p>\n<ul>\n<li>APD rates will increase in line with RPI from April 2022<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>Alcohol Duty<\/strong><\/p>\n<ul>\n<li>No increases this year<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>Fuel Duty<\/strong><\/p>\n<ul>\n<li>No increases this year<\/li>\n<\/ul>\n<p><strong>Gaming Duty<\/strong><\/p>\n<ul>\n<li>The government will legislate in Finance Bill 2021 to raise the Gross Gaming Yield bandings for gaming duty in line with RPI.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>Infrastructure Bank<\/strong><\/p>\n<ul>\n<li>A UK Infrastructure Bank will be established in Leeds with \u00a312bn.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>Freeports Announced<\/strong><\/p>\n<ul>\n<li>Eight Freeports announced. They will be in East Midlands Airport, Liverpool, Felixstowe, Humber, Plymouth, Thames, Teesside, and Solent<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>Levelling Up Fund<\/strong><\/p>\n<ul>\n<li>The government is launching the prospectus for the \u00a34.8 billion Levelling Up Fund today.<\/li>\n<li>The Fund will invest in infrastructure, including town centre and high street regeneration, local transport projects, and cultural and heritage assets.<\/li>\n<\/ul>\n<p><strong>Community Ownership Fund<\/strong><\/p>\n<ul>\n<li>a \u00a3150m fund will be set up to allow communities to take ownership of pubs, theatres, shops or sports clubs at risk of closure.<\/li>\n<\/ul>\n<p><strong>Community Renewal Fund <\/strong><\/p>\n<ul>\n<li>The government is launching the prospectus for the \u00a3220 million UK Community Renewal Fund<\/li>\n<\/ul>\n<p><strong>Help to Grow: Management<\/strong><\/p>\n<ul>\n<li>The government will offer a new UK-wide management programme to upskill 30,000 SMEs in the UK over three years. The programme will be over 12 weeks, and 90% subsidised by government.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2021 Budget \u2013 Key Tourism Points General Economic Status 700,000 people have lost their jobs, the economy shrank by almost 10% last year OBR forecast is for GDP to grow&#8230;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-1606","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/posts\/1606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/comments?post=1606"}],"version-history":[{"count":1,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/posts\/1606\/revisions"}],"predecessor-version":[{"id":1608,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/posts\/1606\/revisions\/1608"}],"wp:attachment":[{"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/media?parent=1606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/categories?post=1606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/tags?post=1606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}