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*