The Chancellor of the Exchequer Rishi Sunak delivered the Spring Budget on Wednesday 3 March 2021. The headline measures largely consisted of confirmation that coronavirus (covid-19) support measures will continue perhaps for a longer period than had been expected. There were also announcements about some of the steps that will be taken to repair the dent that the pandemic has put in the nation’s finances in the form of future freezes to income tax thresholds and an increase in the headline rate of corporation tax from 19% to 25% from 2023. The government estimates that the corporation tax hike will raise £17bn by 2025/26 while by the same year the freezing of income tax thresholds will have brought 1.3m people into income tax and 1m into higher rate income tax.
Another theme of the Budget...
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The Chancellor of the Exchequer Rishi Sunak delivered the Spring Budget on Wednesday 3 March 2021. The headline measures largely consisted of confirmation that coronavirus (covid-19) support measures will continue perhaps for a longer period than had been expected. There were also announcements about some of the steps that will be taken to repair the dent that the pandemic has put in the nation’s finances in the form of future freezes to income tax thresholds and an increase in the headline rate of corporation tax from 19% to 25% from 2023. The government estimates that the corporation tax hike will raise £17bn by 2025/26 while by the same year the freezing of income tax thresholds will have brought 1.3m people into income tax and 1m into higher rate income tax.
Another theme of the Budget...
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