The Corona Virus resulted in an emergency rate reduction from 0.75% to 0.25% making it one of the first such reductions on budget day. This Budget has been taken over by the Corona Virus Covid-19 and reflected in the commitment of the Chancellor.
The Government announced £12 billion spending for Covid-19, which includes dedicated HMRC helpline to defer tax payments for affected businesses or self-employed individuals, statutory sick pay (SSP) for individuals and support welfare system for individuals who cannot claim SSP.
Here are the key points of the budget:
Tax and Pensions
Government plans to spend £600bn on roads, rail, broadband and housing which means significant job creation. The budget also catered to green issues with measures like introduction of plastic packaging tax from April 2022, £500m for rapid car charging hubs and £640m climate fund for preserving natural habitats.
Overall this budget is bold budget in terms of having the greatest infrastructure program since 1955 and Corona Virus + Brexit Cocktail makes it even more challenging for the Government to deliver.
To read the full budget, click here.
Also Read :-
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- Government Announces ‘Unprecedented’ Measures for Small Businesses to Fight Coronavirus (COVID-19) Crisis
- Limited Company Expenses You Can Claim When Working From Home
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