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Income Tax (IT) key measures included in Budget 2021 are as follows:

National Insurance

Savings income

Trading Losses

There will be a temporary extension to the loss carryback period. Trading losses can be carried back up to three years (instead of the usual one year) for a maximum of £2 million of tax losses.

Pensions

Tax relief

Useful guides on this topic

Budget 2021: Subscriber guide
A detailed guide with links to more detail on all the key topics for SMEs and their owners.

Budget 2021: At a glance
A summary of key budget announcements together with items published without announcement.

Losses, trade losses and sideways relief
How can trade losses be utilised? What are the restrictions?

 


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