Chancellor Rishi Sunak’s first budget took place this afternoon.
Some of the key points:
- Business rates have been suspended for a year for eligible businesses (rateable value below £51,000) in the retail, leisure and hospitality sectors.
- For businesses with fewer than 250 employees, government will fund statutory sick pay for two weeks
- Business rates discount for pubs to rise from £1,000 to £,5000
- The tax threshold for NI contributions to rise from £8,632 to £9,500
- Tax paid on the pensions of high earners, including NHS consultants, to be recalculated
- Planned rise in beer, cider and wine duty cancelled
- Freeze on fuel duty
- Diesel tax relief scrapped for many industries
- VAT on digital publications to be scrapped from December
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