18 December 2020
The next Budget date has been set as 3 March 2021.
Rishi Sunak will provide details on the next phase of the Government’s plan to fight the virus and to protect jobs. A new measure, named the successor loan scheme, has been announced, but further detail around this will be provided within the Budget. By extending the Coronavirus Job Retention Scheme (CJRS) until the end of April 2021, this means that the next phase of support can be detailed more than 45 days before the amended closure date of the scheme, which is the required redundancy notice period where businesses are making 100 or more employees redundant.
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Scottish Budget for 2021-22 unveiled 1 February 2021
On 28 January 2021, the Finance Secretary, Kate Forbes, delivered the Scottish Budget for 2021-22, which detailed the Scottish Government’s spending and taxation plans for the year ahead, including details of the support that will be offered towards jobs and skills, equalling approximately £1.1 billion.
Income tax thresholds for 2021-22 have been confirmed, as the table below demonstrates:
Table 2.01: Scottish Income Tax Policy Proposals 2021-22
Band
Income Range
Rate
Starter Rate
Over £12,570 - £14,667
19%
Basic Rate
Over £14,667 - £25,296
20%
Intermediate Rate
Over £25,296 - £43,662
21%
Higher Rate
Over £43,662 - £150,000*
41%
Top Rate
Over £150,000**
46%
* Assumes individuals are in receipt of the Standard UK Personal Allowance ** The Top Rate remains at 2020-21 level. Those earning more than £100,000 will see their Personal Allowance reduced by £1 for every £2 earned over £100,000
A clear focus is placed on the creation of jobs, as follows:
• A new Green Workforce Academy will be established, designed to assist people in securing work in the low carbon economy • A £100 million Green Jobs Fund • £7 million, which will be put towards ensuring that Scotland is a hub for digital business • £125 million for the Young Person’s Guarantee, employability, and skills Additionally, more than £16 billion in funding will be provided towards health, which is a 5.3% increase on that given in 2020-21. A further £869 million will be put towards combatting coronavirus, which will include funding for both the vaccination and test and trace programmes.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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