What’s the roadmap for lifting lockdown?

There is finally light at the end of the tunnel! Boris made his lockdown roadmap announcement on Monday 22nd February – here is a brief breakdown of what is to come:

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Stamp duty holiday ‘to be extended until end of June’ 

Several reports have suggested that the soon to end stamp duty holiday will be extended until the end of June.

With many people rushing to complete their house transactions, many have urged the chancellor to include this in his budget meeting taking place the 3rd March.

Concerns from The Treasury have also indicated that if the holiday were to end in March, this could have a dramatic impact on the property market with it ending so abruptly.

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Budget 2021: Chancellor must ‘make finance green’, say campaigners

With the budget meeting fast approaching, many reports have suggested that the Chancellor should use this opportunity to support the environment.

Rishi Sunak is already expected to update the banks mandate to include a greater focus on climate and  “The Treasury has been examining the relationship between tax and the environment, including a carbon tax”.

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State-backed CBILS replacement scheme delayed by lending details

Reports suggest that a new scheme is being worked on to replace CBILS, however they have incurred some complications on the way, with fears this will not be ready for the launch in April.

This new scheme will shed some light to businesses who have not previously been eligible for the normal lending schemes.

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Rishi’s Spring booster: Sunak is planning ‘giveaway’ budget next week to inject the UK with a post-lockdown boom after No 10’s slow road to freedom

With many news articles discussing the Budget Meeting coming on the 3rd March, we now have more of an understanding of what’s to come. Reports suggest that Mr Sunak will announce “further VAT and business rate cuts for the hospitality and tourist industries, as well as continuing the stamp duty holiday for another 3 months and extending the jobs furlough scheme.”

Plans could also include “vouchers for high street shoppers and lower alcohol duty for restaurants and pubs.” Talks for the return of last summer’s Eat Out to Help Out scheme are also being debated.

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Rishi Sunak ‘is set to hike corporation tax and hand self-employed £2,500 a month in Covid grants’ at Budget as furlough is extended

More information has been reported that Rishi Sunak is considering hiking Corporation Tax in the Budget Meeting.

According to The Times “The Treasury is looking at increasing the tax on company profits from 19% to 25%.”

More changes include:

  • Extending the grant scheme for the self-employed for another 3 months. This would cover the period between February and April.
  • Allowing eligible companies to claim 80% of average monthly profits.
  • Increase corporation tax to 25%.

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