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Your business guide to the 2021 Autumn Budget - What were the key measures announced?

On 27 October,  the Chancellor set out the 2021 Autumn Budget outlining a series of measures to support businesses and help the economy recover from the COVID-19 pandemic. We've summarised the key points you need to know.

 

Business funding

Support Schemes

Recovery Loan Scheme

The scheme will be extended until 30 June 2022. However, from 1 January 2022, the scheme will change and:

  • It will only be open to small and medium sized enterprises (SMEs)
  • The maximum amount of finance available will be £2 million per business (instead of the current £10 million)
  • The government guarantee to lenders will be reduced from 80% to 70%

 

Tax

Business Rates

The government will:

  • freeze the business rates multiplier for a second year, from 1 April 2022 until 31 March 2023
  • introduce a new temporary business rates discount for eligible retail, hospitality and leisure properties in England for 2022-23. Eligible properties will receive 50% relief, up to a maximum of £110,000.
  • introduce a 100% improvement relief for business rates. This means that from 2023, every single business will be able to make property improvements – and, for 12 months, pay no extra business rates.
  • introduce from 1 April 2023 until 31 March 2035 targeted business rate exemptions for eligible plant and machinery used in onsite renewable energy generation and storage, and a 100% relief for eligible heat networks, to support the decarbonisation of non-domestic buildings
  • extend transitional relief for SMEs, and the supporting small business scheme, for 1 year. This will restrict bill increases to 15% for small properties (up to a rateable value of £20,000 or £28,000 in Greater London) and 25% for medium properties (up to a rateable value of £100,000), subject to subsidy control limits

 

 

To view the Chancellor's full speech in the House of Commons, see here