Introduction The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'.Main Budget proposalsTax measures include: a super-deduction for companies investing in new plant and machinery a time extension of the temporary increase to the SDLT nil rate band for residential property in England and Northern Ireland an extension to the temporary 5% reduced rate of VAT for certain supplies a temporary increase in the carry-back period for business losses an increased rate of corporation tax from 2023.Other measures include: a new mortgage guarantee scheme extension to the Job Retention Scheme a Self-Employment Income Support Scheme fourth and fifth grant an extension to the business rates holiday in England.Previously announced measures include: a cap on the amount of R&D tax credit paid to a loss-making small or medium-sized enterprise new rules apply to off-payroll working payments made for services provided on or after 6 April 2021.Some Budget proposals may be subject to amendment in the 2021 Finance Act. You should contact us before taking any action as a result of the contents of this summary.