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budget report

The Secretary of State for Housing, Communities and Local Government will shortly set out comprehensive reforms to bring the planning system into the 21st century, followed by a Planning White Paper in the spring. These reforms will aim to create a simpler planning system and improve the capacity, https://turbo-tax.org/law-firms-and-client-trust-accounts/ capability and performance of Local Planning Authorities (LPAs) to accelerate the development process. Where LPAs fail to meet their local housing need, there will be firm consequences, including a stricter approach taken to the release of land for development and greater government intervention.

Continuing the freeze on alcohol duty will benefit the spirits sector by avoiding an increase of 30p on a 70cl bottle of spirits, while the freeze to fuel duty will support hard-working people across the UK, particularly in more rural communities. Aberdeen Energy Transition Zone, Global Underwater Hub and North Sea Transition Deal – The government will provide £27 million, subject to business case, for the Aberdeen Energy Transition Zone, helping to support North East Scotland to play a leading role in meeting the UK’s net zero ambitions. The government will also provide a further £5 million for the Global Underwater Hub, subject to business case, on top of the £1.3 million committed last year, and up to £2 million to further develop industry proposals as part of the government’s support for the North Sea Transition Deal (NSTD). Taken together, these proposals will support areas like Aberdeen transition to a low-carbon future. Community Ownership Fund – The government will create a new £150 million Community Ownership Fund to help ensure that communities across the UK can continue to benefit from the local facilities and amenities that are most important to them.

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Insurance Premium Tax (IPT) call for evidence – The government will shortly publish a summary of responses to the recent call for evidence on the operation of IPT,[footnote 107] along with information on a forthcoming consultation setting out the next stage in reforming how IPT operates. Increasing the flat rate deduction for homeworking – The government will increase the maximum flat rate income tax deduction available to employees to cover additional household expenses from £4 per week to £6 per week where they work at home under homeworking arrangements. UKEF support for fixed rate finance – UKEF will update its terms to allow it to better support export finance on a fixed-rate basis across its full product range, allowing customers to benefit from certainty of financing costs. UKEF support for exporters – To provide improved support for exporters in energy transition and clean growth sectors, UKEF will enhance its face-to-face support in the North of England and Scotland where energy supply chains are economically important. Materials Processing Institute – The government will provide up to £22 million, subject to business case, to support research and innovation in the steel and metals sector through the Materials Processing Institute.

  • Credit card and utility bills evaporate from your account automatically, artificial intelligence-based algorithms tell you how to invest and online dashboards provide a holistic view of your net worth across all of your accounts.
  • The government will also provide up to £20 billion funding for early deployment of Carbon Capture, Usage and Storage (CCUS), to help meet the government’s climate commitments.
  • The Spring Budget drives this ambitious agenda forward, delivering change for all parts of the UK with UK-wide support, targeted spending to meet local needs, and devolution to give local leaders the tools they need to drive change in their areas.
  • It also presents analysis of the wider economic context, focusing on trends in employment, earnings and household incomes – this includes estimates of the impacts of COVID-19 on working households’ incomes, as of the end of November 2020, according to emerging household survey data.

Suspension of the UC Minimum Income Floor – In March 2020 the government suspended the Minimum Income Floor for self-employed UC claimants. This measure applies to England, Scotland and Wales; the Northern Ireland Executive was given additional funding New Business Accounting Checklist for Startups to provide similar support. VAT deferral – In July 2020, the government announced that UK VAT-registered businesses did not need to pay any VAT due with VAT returns from 20 March through to the end of June 2020 before the end of March 2021.

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Where the container is not returned for recycling, HMRC will collect the VAT on the unredeemed deposit. VAT relief for energy saving materials – The government has published a call for evidence on options to reform the VAT relief for the installation of energy saving materials in the UK. The call for evidence will consider the inclusion of additional technologies and the possible extension of the relief to include buildings used solely for a relevant charitable purpose. Non-discretionary tax advantaged share schemes call for evidence – The government will be launching a call for evidence on the Share Incentive Plan (SIP) and Save As You Earn (SAYE) employee share schemes. The government will use the call for evidence to consider opportunities to improve and simplify the schemes.

Specialist institutions – The government will invest £80 million to support the UK’s foremost specialist institutions. This includes organisations such as the London School of Hygiene and Tropical Medicine, the Royal College of Art and the Institute of Cancer Research, among others. Support for Welsh language and broadcasting – To support TV station S4C, which provides viewers with content in the Welsh language, the government will legislate to enable S4C to recover any VAT it pays in full.

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This will enable people who need to work across multiple projects with different employers to benefit from the high quality long-term training that an apprenticeship provides. Employers themselves will also benefit from access to a diverse apprenticeship talent pipeline. Employers will be invited to bring forward proposals here, and in particular the Creative Industries Council will be asked to do so in recognition of the potential benefits of this new approach for the creative sector. The majority of measures set out in the Budget apply to individuals and businesses in every part of the UK.

A portion of this funding contributes to a wider investment of up to £1 billion to develop UK supply chains for the large‑scale production of electric vehicles, as announced in September. The government intends to introduce a levy to be paid by firms subject to the Money Laundering The Best Guide to Bookkeeping for Nonprofits: How to Succeed Foundation Group Regulations to help fund new government action to tackle money laundering and ensure delivery of the reforms committed to in the Economic Crime Plan. These reforms will help safeguard the UK’s global reputation as a safe and transparent place to conduct business.

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