Chancellor of the Exchequer, Rishi Sunak, today delivered the 2021 Budget in the House of Commons. We have highlighted some key points from his address and ways we can potentially help you.
- The Chancellor says forecasts from the Office for Budget Responsibility show the economy will grow by 6.5% this year. Sunak says it will take until the start of 2022 for the economy to return to its pre-pandemic size. Unemployment is forecast to peak at 5.2% in the fourth quarter of 2021. We have an exceptional Employment Department who are able to assist with all employee queries, specialising in Settlement Agreements.
- The Government will introduce a new ‘Scale up’ visa to attract highly skilled people from abroad to the UK’s fastest-growing businesses. This new visa will “make it quicker and easier for fast-growing businesses to bring in highly skilled individuals from around the world,”. Sunak stated that 49 per cent of the UK’s fastest-growing businesses have at least one foreign-born co-founder and approximately 40 per cent of staff at UK fintechs are from overseas. We have an accredited Immigration department ready to assist with this new style application as well as other visas including student, youth mobility and graduate routes.
- In terms of Property, there were no Stamp Duty announcements this time around. However Capital gains tax for residential property transactions can now be paid within 60 days, following calls for the 30-day payment period to be doubled due to unsuspected homebuyers being hit with fines. Both UK and non-UK residents are included in this tax deadline extension. Sunak also confirmed a 4 per cent property developer tax to fund a £5.1bn package to replace unsafe cladding for leaseholders in high-rise buildings across England. We have an extensive Guide to Buying a Home if you are looking to buy or sell a home.
- Inflationary pressures are affecting the UK economy, with the Office for Budget Responsibility (OBR) forecasting that inflation will rise above 4% next year. We have a dedicated page explaining how we can assist with any debts and disputes you may encounter in the future.
If you have any general enquiries, you can easily contact us 24/7 using our dedicated form here.