July/August Issue 62 - Flipbook - Page 31
NEWS
HAT YOU NEED TO KNOW
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remain the lowest rate in the G7.
In order to support the recovery,
the increase will not take effect
until 2023. Businesses with
profits of £50,000 or less,
around 70% of actively trading
companies, will continue to be
taxed at 19%, and a taper above
£50,000 will be introduced, so
that only businesses with profits
greater than £250,000 will be
taxed at the full 25% rate.
Beginning April 2021, the
new super-deduction capital
allowance will cut companies’
tax bill by 25p for every pound
they invest in new equipment.
Fuel duty and alcohol duties
will be frozen.
Eight new English Freeports
will be based in East Midlands
Airport, Felixstowe & Harwich,
Humber, Liverpool, Plymouth,
Solent, Thames and Teesside.
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The £375 million UK-wide
the transition to net zero, and
‘Future Fund: Breakthrough’
supports our vision for Global
will invest in highly innovative
Britain.
companies, such as those •
working in life sciences, quantum All Budget 2021 documents can be
computing, or clean tech, that found here.
are aiming to raise at least £20
million of funding.
Reforms to the immigration
system will help ambitious UK
businesses attract the brightest
and best international talent.
A new Help to Grow scheme,
to offer up to 130,000 companies
across the UK, a digital and
management boost.
Build Back Better: our plan
for growth sets out the
Government’s plans to support
growth
through
significant
investment in infrastructure,
skills and innovation, and to
pursue growth that levels up
every part of the UK, enables
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