04 March, 2021
So Chancellor Sunak’s second budget was about as surprising as his first, with almost all the changes well flagged before hand, and no big surprises in there.
The highlights were more about what didn’t change than what did. No harmonisation of Capital Gain Tax with Income tax, no Wealth Tax, and no reduction in pension Tax Relief. All big sighs of relief for us, and our clients. Furlough is to continue, and other measures to support the economy will be introduced.
There were some warning signs about the future, with Corporate Tax due to increase in the coming years, but fundamentally the Government has left repairing the post COVID UK plc balance sheet for another day deciding that tightening the purse strings now would choke off what are as yet not strong signs of recovery. Don’t forget that parts of the UK economy are still in lockdown.
Please Download our official Budget Guide 2021 which goes into greater depth with regard to the changes, and details how the budget might affect you, and what planning opportunities might apply.