Budget 2021 Summary

Here is a summary of the main points, announced by Rishi Sunak on 3rd March 2021.

95% Mortgages available from April 2021

High Street lenders such as NatWest, HSBC, Barclays and Lloyd’s already confirmed with more to follow.

Stamp Duty Holiday extended

Purchases under £500,000 still stamp duty free until 30th June 2021. Then under £250,000 free until end of September 2021.

October 1st the Nil Rate Band returns to £125k.

Furlough extended until 30th September

Self Employed Grant now available to those who started businesses in 2019/20 tax year (nothing announced for LTD company directors)

£20 uplift in Universal Credit worth £1,000 a year to be extended for another six months

Working Tax Credit claimants will get £500 one-off payment

Minimum wage to increase to £8.91 an hour from April

No changes to rates of income tax, national insurance or VAT

Personal income tax allowance to be frozen at £12,570 from 2022 to 2026

Higher rate income tax threshold to be frozen at £50,270 from 2022 to 2026

No changes to inheritance tax or lifetime pension allowance or capital gains tax allowances

*This is designed to be a summary only. For the full budget please visit https://www.gov.uk/gov.../publications/budget-2021-documents*