Business

Rishi Sunak’s key announcements in today’s Budget statement

Published

5 years ago

March 3, 2021

Tom Sinclair

Huge tax hike announced – with corporation tax on company profits rising by 6% to 25% in 2023
Furlough extended until September
Income tax threshold freeze likely to mean working Britons pay more – with tax burden from 2025 highest since 1960s
Universal Credit uplift of £20 extended for six months
Budget to feature plan to extend furlough until September
Business rates, VAT and stamp duty reductions extended
Contactless limit more than doubles
Sunak to give news conference at 5pm – the first of its kind for a budget
Federation of Small Businesses said they were disappointed that there was not enough in the budget for “job creation”.

A HUGE hike in corporation tax is probably the main headline announcement of the budget.

The chancellor said: “This new higher rate won’t take effect until April 2023, well after the point when the OBR expect the economy to have recovered. And even this, because corporation tax is only charged on profits, any struggling businesses will, by definition, be unaffected.

“I’m protecting small businesses with profits of £50,000 or less, by creating a Small Profits Rate, maintained at the current rate of 19%.”

“This means around 70% of companies – 1.4 million businesses – will be completely unaffected.

“And third, we will introduce a taper above £50,000, so that only businesses with profits of £50,000 or greater will be taxed at the full rate of 25″%.”

The Chancellor also said businesses can carry back losses of up to £2m for three years and adds that the bank surcharge will be reviewed so combined rate of tax on UK banking sector doesn’t increase significantly from current level.

This announcement was on top of a raft of other measures, including the previously leaked extension of the furlough scheme, and confirmation that
the Hospitality and tourism will continue to enjoy a 5% reduced rate of VAT for a further six months.

Support for the self-employed will also be extended until the end of September.

“When the scheme was launched, the newly self-employed couldn’t qualify because they hadn’t all filed a 2019-20 tax return,” Rishi Sunak says.

“But as the tax return deadline has now passed, I can announce today that, provided they filed a tax return by midnight last night, over 600,000 more people, many of whom only became self-employed last year can now claim the fourth and fifth grants.”

Commenting on the Budget statement, Welsh Conservative Senedd leader, Andrew RT Davies MS said: “At the start of this pandemic, as Conservatives we said we would do whatever it takes to protect jobs and livelihoods – and today’s budget continues that commitment to families, workers and businesses across Wales.

“After the most difficult year in the history of peacetime Britain, the budget extends the support for Wales to save jobs, invests in industry and business, and provides an extra £740 million of funding to the Welsh Government.

“Labour ministers in Cardiff Bay must now use this additional funding to extend the business support for firms across Wales and deliver a council tax freeze to help keep more money in the pockets of hardworking people.

“Our recovery and future economy depends on remaining as one United Kingdom. Only the Welsh Conservatives – working with, rather than against a Conservative UK Government – can succeed in getting things done to rebuild Wales.”

ADDITIONAL MEASURES

Rishi Sunak confirmed that 95% mortgages will be guaranteed by the government as part of government plans to turn “generation rent into generation buy”.
“I’m pleased to say that several of the country’s largest lenders including Lloyds, NatWest, Santander, Barclays and HSBC will be offering these 95% mortgages from next month, and I know more, including Virgin Money will follow shortly after,” the chancellor says.
“A policy that gives people who can’t afford a big deposit the chance to buy their own home.”

Working Tax Credit claimants will also be given more support for the next six months, with a one-off payment of £500, it has been announced.

A welcome announcement for many families in Wales will be the confirmation that the Universal Credit uplift of £20-a-week will continue for another six months, the chancellor announces

The Chancellor also added that the personal tax thresholds will be frozen.

Hospitality and tourism will continue to enjoy a 5% reduced rate of VAT for a further six months

STAMP DUTY

As part of the spring budget, the Chancellor has just announced that the stamp duty holiday is to be extended, offering a total tax saving on properties costing up to £500,000 and a reduction on homes costing more than that. In addition first-time buyers will have access to government guaranteed mortgages with a deposit of just 5%. Home Insurance Expert at Confused.com Jessica Willock says:
“The new government backed mortgage scheme should give first-time buyers the chance to save on rent payments and take steps onto the property ladder.
“Our research found that more than a quarter (27%) of people said that if they knew of ways to save money when it comes to their homes, they would use them. So, the stamp duty holiday extension can also be seen as an opportunity to give buyers the boost that they need by removing some of the financial pressure attached to a new home.

“But the extension is only temporary, lasting until June 30th. So, whether you’re already in the purchase process or you’re deliberating a move, it’s important to get the ball rolling as the deal must complete by the deadline, otherwise you could face some big bills. If you’re confused about what you may have to pay, use our Stamp Duty Calculator to help you factor in the fees.”
Commenting on the furlough extension, Aude Barral, co-founder of developer recruitment platform CodinGame, said: “There will be a collective sigh of relief from families across the country that the furlough scheme has been extended.

“Millions of people will have been facing the prospect of having little or no income from May, and for the time being that cliff-edge scenario has been avoided. But the problem hasn’t gone away, it’s simply been kicked down the road.

“Furlough is protects salaries, not jobs. Many furloughed workers will still be worried they won’t have a job to go back to when the financial support eventually ends.

“There will be thousands of businesses going to the wall over the coming months and sectors such as hospitality and retail may never fully recover.

“The Government has provided its roadmap out of lockdown, but it’s roadmap out of furlough feels disjointed and a little vague.

“Millions of people are facing unemployment without the transferable skills they need to find a new career.

“There wasn’t enough in the Chancellor’s speech to address the digital skills gap, for my liking. Digital upskilling should be at the forefront of the Government’s plans to unlock the country’s full potential, as that’s where demand is going to be post-pandemic, in a fast changing digital landscape.

“Businesses need to be continually updating their workers’ digital skills to remain competitive, and individuals need the help and support to identify the transferable skills they have and develop new skills to stand the best chance of finding a new job or career.

“We live in a world where new technologies play an increasingly important role in all aspects of business, and demand for digitally skilled employees is only going in one direction.”

Business

Former Crymych village shop could be turned into housing

Published

7 hours ago

January 22, 2026

Bruce Sinclair - Local Democracy Reporter

A CALL to convert a financially unviable disused shop on the edge of Crymych to residential accommodation, which could provide a low-cost home, has been submitted to county planners.

In an application to Pembrokeshire County Council, Clare Griffiths, through agent Josh Macrae, seeks a change of use of a disused shop with ancillary accommodation above, at Ty Ebrill, Clares Shop, on the edge of the village, to an ancillary accommodation unit.

A supporting statement says: “Siop Clare is a mixed-use building in the curtilage of the main dwelling on the site, Ty Ebril, it comprises a small flat above a disused shop below. The flat, constructed in 2007, is comprised of a single modestly sized living space and bedroom area, with a bathroom; the flat is accessed by a set of stairs to the rear of the building. Since its construction the flat has been used as ancillary accommodation for family members of the owners of Ty Ebrill.

“The disused retail premises below is comprised of an open plan shop area with a conservatory attached, the conservatory was previously used as a flower preparation area.

“The shop was in use for a number of decades; it was operated by the current owner since 2003 and was previously an antiques shop, but has been disused since it was closed 2019 as it was no longer financially viable and the owner had changed career. Due to the shop being located within the curtilage of the main dwelling it has not considered suitable for the shop to be leased to another party.”

It adds: “The change of use will require a minimal amount of work to covert the disused shop and modestly sized flat into a small dwelling. The dwelling would be suitable for single occupancy, a small household, or as continued ancillary accommodation for the main dwelling, this would create the opportunity for multi-generational living on the site should the owner sell Ty Ebrill.

“As there is a high demand for housing in the Pembrokeshire area it is felt that the proposal would be suitable and would allow the building to become a viable dwelling, creating a potentially low-cost home in the area.”

The application will be considered by county planners at a later date.

Business

Tenby Animal store sign concerns from civic society

Published

15 hours ago

January 22, 2026

Bruce Sinclair - Local Democracy Reporter

OFFICIAL planning for the signage associated with the new Animal store in Tenby has been given the go-ahead despite concerns raised by the local civic society it ‘grated’ with the Victorian and Georgian character of Tudor Square.

Animal Tenby opened its doors in late November at the Grade-II-listed Tudor House, Tudor Square, which has more recently been used as a café.

Several cafés had run at the site including Oakley’s, Caffi Llyw and most recently, Henry’s.

The new Animal store sells outdoor wear, ski gear, beachwear and robes and kids’, women’s and men’s clothes.

Animal is part of the Mountain Group which incorporates Mountain Warehouse and Eastern Mountain Sports.

The Tenby Animal store was the tenth stand-alone Animal store in the UK.

A November-registered planning application to Pembrokeshire Coast National Park, by Holden Signs Ltd on behalf of Animal, covering the store’s signage was approved by park officers under delegated powers yesterday, January 19.

The proposals were supported by Tenby Town Council but Tenby civic Society, while not formally objecting, had raised concerns.

“The new sign lettering is of suitable size and the fascia setting proposed is fine. The Animal house logo-style lettering grates with the Victorian and Georgian character of Tudor Square and the conservation area. We note that nearby proposed Tesco signage was amended to maintain the character of the conservation area, and we feel the logo lettering does not enhance the character of the conservation area.

“It is a brand logo so a check whether they have amended it to fit in other conservation areas is a relevant consideration to put to the applicant.”

An officer report recommending approval said: “Tenby Civic Society whilst having no objection in principle has expressed concern as to the font style.

“Whilst a distinctive and modern font, it is not considered that the character or appearance of Tenby Conservation Area is negatively affected. The impact on amenity is considered negligible.”

Business

What to expect from your conveyancing solicitor at every stage of the sale

Published

1 day ago

January 21, 2026

Staff Writer

Selling a home isn’t just about accepting an offer; it’s a legal journey filled with contracts, deadlines, and constant communication. Without the right support, it can quickly feel overwhelming. That’s why understanding what your solicitor does at every stage helps you stay informed and confident throughout the process.

With professional guidance, you can move through each phase feeling reassured that your sale is in safe hands. Keep reading to see how your solicitor guides you through each step of the sale with care and clarity.

Understanding the role of your conveyancing solicitor

Your conveyancing solicitor handles all the legal work that turns an accepted offer into a completed sale. From verifying your property’s title to preparing contracts, they make sure every legal detail is accurate and every requirement is met.

Experienced conveyancing solicitors, such as those working with SAM Conveyancing, act as your trusted legal partner by coordinating with the buyer’s solicitor, estate agent, and lender so your sale moves forward smoothly and without unnecessary stress.

Preparing and issuing the draft contract

Once an offer is accepted, your solicitor gathers essential documents like the property title deeds, identity verification, and details of any outstanding mortgage. Using this information, they will prepare the draft contract that sets out the agreed price, property boundaries, and any included fixtures or fittings.

This draft is sent to the buyer’s solicitor for review. If any concerns arise, such as questions about access rights or shared responsibilities, your solicitor will help clarify them quickly so progress is not delayed. Their role at this point is to make sure the terms protect your interests and that the sale remains on track.

Responding to enquiries and managing searches

After reviewing the contract, the buyer’s solicitor will raise enquiries, which are questions about the property’s condition, history, or legal standing. Your solicitor will guide you through these, helping provide accurate responses and ensuring you understand any implications.

They will also review the buyer’s search results to confirm there are no legal issues that could affect the sale. During this phase, consistent communication is key. A good solicitor keeps you informed so you always know what is happening and what is needed from you next.

Exchanging contracts and finalising the agreement

Once all enquiries are resolved and both parties are satisfied, the transaction moves to the exchange of contracts. This is when your sale becomes legally binding. Your solicitor will confirm that the contracts are identical, arrange for signatures, and agree on a completion date.

Before exchange, they will ensure any mortgage redemption figures are in place and that all outstanding requirements have been met. When contracts are exchanged, both sides are committed to completing the sale, giving you certainty and peace of mind.

Completing the sale and handing over the keys

Completion day marks the final handover of ownership. Your solicitor will receive the buyer’s funds, confirm the transaction with the buyer’s solicitor, and authorise your estate agent to release the keys.

They will also handle repayment of any mortgage and deduct legal fees before transferring the balance to your account. Finally, they will ensure the property title is legally transferred to the new owner and that all official records are updated correctly.

How your solicitor supports you even after completion

Even once the sale is complete, your solicitor’s support does not stop there. They will follow up with confirmation that your mortgage has been discharged and help with any remaining legal paperwork.

If post-completion questions arise, such as final bills or documentation requests, they will be on hand to offer clear guidance. Having this continuity of support helps ensure the process ends as smoothly as it began.

Selling with confidence and clarity

Selling property can feel complex, but when you understand what to expect from your solicitor, the process becomes far easier to manage. Each stage, from preparing contracts to completion, is handled with precision and care to protect your interests.

With experienced professionals guiding you, you will move through your sale confidently, knowing that every detail has been managed with expertise and integrity.