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Budget 2021: 5 Key Takeaways

1. Stamp Duty Extension

Chancellor Rishi Sunak officially announced the extension of Stamp Duty Holiday until the end of June as part of the ‘Nil-Rate Band’, after which it will be tapered until September.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

2. Furlough extended until end of September

Sunak also stated that there will be a continuation of support for the self-employed with help targeting those who have lost the most. This means that people whose turnover has fallen by 30% or more will continue to receive the full 80% grant, and people whose turnover has fallen by the left, the 30% will therefore have less need of taxpayer support, and will receive a 30% grant.

3. Universal Credit extended for another 6 months

Universal credit uplift extended for another six months – in form of £500 payment. Sunak said the universal credit £20 per week uplift will be extended for six months.

4. Reduced Business rates & relief for eligible businesses

Eligible retail, hospitality and leisure businesses pay no business rates for 3 months, with up to 66% relief for the rest of the year worth over £6 billion in 2021-22.

5. Rise in Corporation Tax

Corporation tax to rise from 19% to 25% from April 2023. But companies with profits of less than £50,000 will still pay 19%. This means only 10% of firms will pay the higher rate.

To find out more about Budget 2021, head over to: https://www.gov.uk/government/topical-events/budget-2021

If you are looking to take advantage of the Stamp Duty Extension, we highly recommend you speak to a qualified & experienced Mortgage Adviser. They can assess your personal circumstances and provide you with advice tailored to your needs. To speak to one of our Mortgage Adviser, please use our details below. We are always open to help the people.

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Your home may be repossessed if you do not keep uP repayments on your repayment mortgage, equity loan or other loans secured against it.

Source: BBC

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