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.
