- CJRS has been extended to September 2021 as it is. From July 2021 (10%), August (20%) and September (20%), employer has to start contributing.
- SEISS grant has also been extended to September 2021.Tax payers who managed to file their personal tax returns relating to FY 2019/20 till midnight of 02/03/2021 will qualify here afterwards.
- SDLT in England and NI has also been extended to September 2021. It would not come back after September 2021 to previous slabs. Rather, it will be phased.
- New home buyer can avail the benefit of buying home with minimum 5% deposit up to a price of £600,000. Remaining 95% will be Government backed.
- One off New Restart Grant of up to £18,000 will be awarded to hospitality, leisure, personal care and gym businesses in England.
- Weekly increase of £20 in Universal Tax Credit will be as it is for another six months .
- Reduced VAT rate of 5% for hospitality, accommodation and attractions will be extended until September 2021 in entire UK. It will first increase to 12.5% from October 2021 to March 2022 before getting back to pre-Covid rate of 20%.
- The legal limit of single contactless payment has been increased to £100.
- Small and medium-sized employers can continue to claim 2 weeks’ worth of SSP from the Government.
- Personal Allowance and higher rates threshold will be frozen from April 2022 till April 2026.
- Current 19% rate of corporation tax will be increased to 25% with effective from April 2023 after a profit of £250,000. The profit up to £50,000 can still enjoy 19% rate with a tapered increase up to £250,000.
- IHT rates and thresholds will continue to be same until April 2026.
- Fuel and Alcohol duties will again be frozen.
- Announcement of new super-deduction to the company investing in new equipment for a period from 01/04/2021 till 31/03/2023. New equipment purchase qualifying main rate of capital allowance can deduct 130% of the investment and that qualifying special rate can deduct 50% of the investment.
- And many more…
Spring Budget delivered on 23rd March 2022 – summary
· Basic rate of income tax will be reduced from current 20% to 19% by the end of this parliament term in 2024. · Fuel
