Budget Summary March 2021
We are delighted to attach our Budget Summary publication for announcements made in the Budget on 3 March 2021. Despite the many rumours beforehand, the Chancellor still managed to produce some surprises on Budget Day.
He chose to spend big initially, with major investment incentives for companies in the next two years. However, the widely anticipated corporation tax rise then kicks in with a vengeance – a one-off jump from 19% to 25%. Individual taxpayers did not escape paying their share either, with Mr Sunak reaching for the old stealth tax favourite of freezing bands, thresholds and allowances.
On some counts this Budget was Rishi Sunak’s 15th major announcement since his first Budget, just under a year ago. During this period, the pandemic has dominated the Chancellor’s actions and this was true of his latest Budget. To no small degree the framework for Mr Sunak’s latest appearance at the despatch box had been set by the data-dependent (but date-filled) road map outlined by the Prime Minister nine days before the Budget.