The furlough and self-employment income support schemes have been extended until the end of September.
Furloughed employees will receive 80pc of their salary, but businesses will be asked to contribute to their wages from the end of July.
The newly self-employed in the 2019-20 financial year will now be eligible for SEISS.
Apprenticeships’ cash incentive increased by £1,000 to £3,000 per head.
Taxes
Corporation tax will rise from 19% to 25% in April 2023.
Small firms with profits under £50,000 will still pay the current 19% rate, with a taper relief up to profits of £250,000.
A new “super deduction” of 130% tax relief on business investment will cut taxes by 25p for every pound invested.
Income tax thresholds will be frozen for five years after the planned increases in April this year. This includes the Personal Allowance and the Higher Rate threshold.
Inheritance tax thresholds, Capital Gains Tax Annual Exemption, and the pensions lifetime allowance will also be frozen for the same period.
Property
A new mortgage guarantee scheme will help those with small deposits get on the housing ladder with 95% mortgages.
The stamp duty holiday for properties under £500,000 is extended by three months to the end of June.
The holiday for properties worth less than £250,000 will apply until the end of September.
Loans, Grants, Business Rates, and VAT
A new “Recovery loan scheme” will replace the Bounce Back and CIBILS coronavirus business interruption loan schemes.
Loans between £25,000 and £10m will be available with an 80% Government guarantee.
A £5bn Restart Grants scheme will provide firms up to £18,000 – aimed at retail, hospitality, accommodation, leisure, and personal care firms.
Non-essential retailers will be able to access £6,000 per business.
Business rates relief for the hardest-hit sectors, such as retail and hospitality, has been extended for three months in full.
Business rates will be discounted by two-thirds for the remaining nine months of the fiscal year.
The 5% VAT rate for hospitality, accommodation, and attractions will be extended until the end of September.
