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An additional £1.2 billion for Scotland through the Barnett formula and measures to grow a greener and more sustainable future.  This is in addition to the additional £1.1 billion announced on 15th February bringing the total during the pandemic to £10.9 billion.

 

The Coronavirus Job Retention Scheme will be extended until the end of September.

The Self-Employment Income Support Scheme has been extended. The 4th grant will cover February to April, worth 80% of average trading profits up to £7,500. A 5th grant will be available from July.

From April 2023 the rate of Corporation Tax paid on company profits will increase from 19% to 25% Companies with profits under £50,000 will remain at 19%, meaning only 10% of companies will pay the higher rate.

Extension of the temporary reduced VAT rate for hospitality and tourism.

Eligible retail, hospitality and leisure businesses pay no business rates for 3 months, with up to 66% relief for the rest of the year worth over £6 billion in 2021-22.

£3,000 for each new apprentice hired between the 1st April to 30th September 2021. An additional £126 million for traineeships in England.

Help to Grow: Management will give the leaders of 30,000 SMEs access to world-class training on everything from financial management to marketing. Read more here: gov.uk/helptogrow

Help to Grow: Digital will give small businesses free online technology advice and 50% discounts on new productivity enhancing software. Read more here: gov.uk/helptogrow

New plans to help attract top level talent from all around the world.

Continued support and investment in UK businesses through one-off Restart Grants, a new government-backed UK-wide Recovery Loan Scheme and the UK-wide Future Fund: Breakthrough scheme.

£300m to extend the Culture Recovery Fund, continuing to support key national and local cultural organisations in England and protecting jobs.

Investing £25bn in the UK’s future growth & prosperity with the biggest 2 year business tax cut in history. Through the 130% super-deduction, companies can cut their taxes by up to 25p for every pound they invest.

 

The new UK Infrastructure Bank will boost investment to accelerate progress to Net Zero, and level up the UK.

An increase in the Personal Allowance to £12,570 in April 2021, which will be maintained at that higher level until April 2026.

 

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