The Government has published details of the 2021 Finance Bill.

The Bill outlines the key measures which are due to be brought into legislation, including those announced by Chancellor Rishi Sunak in the Spring 2021 Budget.

In his Budget, Sunak announced the extension of the stamp duty land tax holiday in England, alongside an increase in the rate of corporation tax to 25% on profits over £250,000 from April 2023.

Sunak also announced the extension of the VAT cut for the hospitality sector to September 2021, alongside raising the income tax personal allowance and higher rate threshold to £12,570 and £50,270, then freezing both at those levels until April 2026.

The Finance Bill also outlines plans for reforming the penalty regime for VAT and income tax self-assessment to make it more consistent.

The Bill will ensure the measures announced in the Budget will take effect from 6 April 2021.

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