What does the 2021 Budget mean for farmers?
The Chancellor, Rishi Sunak delivered his Budget for the 2021/22 tax year on Wednesday 3 March 2020. We have put together a summary of all the things you need to know on how his changes will impact the agriculture industry and rural community.
Budget updates to R&D credits
The rate of Research & Development Expenditure Credit (RDEC) will increase from 12% to 13% from 1 April 2020.
The Chancellor overhauls Entrepreneurs’ Relief in Budget
The Chancellor announced in the Budget that he will overhaul Entrepreneurs’ Relief. The lifetime allowance on claims from the relief will be reduced by 90% going down from £10m to £1m — a move the Chancellor said would save £6bn per year.
