Chancellor of the Exchequer Rishi Sunak delivered his much-anticipated Budget speech to the House of Commons on Wednesday 3 March 2021. Below is a summary of the key announcements that could impact pay and benefits strategies:
- Income tax thresholds frozen until 2026
- UK furlough scheme extended until September
- Pensions lifetime allowance frozen until April 2026
- Sick pay rebate scheme to continue for SMEs
- Fuel duty frozen for eleventh year
- National living wage to increase by £345 per year
- HMRC taskforce created to investigate furlough fraud among employers
- Government retains income tax exemptions for employees’ Covid-19 tests
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