BEIS: Delivering the Budget’s commitments – Protecting jobs and livelihoods, and backing business

11 Mar 2021

The Business Secretary said, “Recognising the critical role our innovators and wealth creators will play in driving our economic recovery,  Government has unveiled a raft of measures to stimulate private investment, including a radical new super-deduction to cut companies’ tax bills if they invest in Britain’s future”.  Other highlights were:

  • £5 billion for new Restart Grants 
  • a new UK-wide Recovery Loan Scheme to make available loans between £25,001 and £10 million
  • the business rates holiday in England has been extended by an additional 3 months
  • For the hospitality and tourism sectors an extension to the temporary 5% reduced rate of VAT until 30 September 2021
  • SMEs will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) 
  • the trading loss carry-back rule will be temporarily extended from the existing one year to 3 years

Further information can be found here.