The key points for tourism and hospitality include:
- 5% rate extended for another six months, followed by a 12.5% rate for a further six months.
- 100% businesses rates holiday until June, followed by a two-thirds discount for the rest of the year.
- The discount is being capped at £2 million per business for properties that were required to be closed on 5 January 2021, or £105,000 per business for other eligible properties.
- The Government will legislate to ensure that the business rates relief repayments that have been made by certain businesses are deductible for corporation tax and income tax purposes.
- To be extended until the end of September, at the 80% rate until July
- From July, the Government will introduce an employer contribution towards the cost of unworked hours of 10% in July, 20% in August and 20% in September.
- Non-essential retail businesses will receive grants of up to £6,000 per premises.
- Hospitality and leisure businesses will get grants of up to £18,000.
Additional Restrictions Grant (ARG)
- An additional £425million of discretionary business grant funding, on top of the £1.6 billion already allocated.
Self-Employment Income Support Scheme
- People whose turnover has fallen by 30% or more will continue to receive the full 80% grant.
- People whose turnover has fallen by less than 30% will receive a smaller grant.
- 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.
Recovery Loan Scheme
- From 6 April 2021 the Recovery Loan Scheme will provide lenders with a guarantee of 80% on eligible loans between £25,000 and £10 million.
- The scheme will be open to all businesses, including those who have already received support under the existing COVID-19 guaranteed loan schemes.
Culture Recovery Fund
- The Government will provide a further £300 million to extend the Culture Recovery Fund.
National Museums and Cultural Bodies
- The Government will provide £90 million for continued support for government-sponsored National Museums and cultural bodies in England.
Extend Zoo Animals Fund
- The Government will extend the Zoo Animals Fund for a further three months until 30 June 2021.
Extended Loss Carry Back
- The trading loss carry-back rule will be temporarily extended from the existing one year to three years. This will be available for both incorporated and unincorporated businesses.
Super Investment Tax Deduction
- To encourage investment, from 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will benefit from a 130% first-year capital allowance. This upfront super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest.
Corporation Tax Rate
- This will increase to 25% on April 2023.
- A Small Profits Rate of 19% will apply to businesses with a profit of over £50,000.
- There will be a tapered rate between profits of £50,000 and £250,000.
Help to Grow: Management and Digital
- The Government will offer a new UK-wide management programme to upskill 30,000 SMEs in the UK over three years. The programme will be over 12 weeks, and 90% subsidised by government.
- Employers who provide trainees with work experience will continue to be funded at a rate of £1,000 per trainee.
- Employers who hire a new apprentice between 1 April 2021 and 30 September 2021 will receive £3,000 per new hire.
- From today, the maximum amount that can be paid through contactless payment will be raised from £45 to £100.
Alcohol and Fuel Duty
- No increases this year