Posted: Thu, 04 Mar 2021 13:44

Budget 2021 - Key Links for the Sports Sector

Following the Budget published by the government on the 3rd March 2021 here are some key links for the sport sector.

From the Government website under the 'Protecting jobs and livelihoods' sections these points which may be of interest (Follow this link for the full - What you need to know Budget 2021: What you need to know - GOV.UK (www.gov.uk)

  • An extension of the Coronavirus Job Support Scheme to September 2021 across the UK.
  • An extension of the UK-wide Self Employment Income Support scheme to September 2021, with 600,000 more people who filed a tax return in 2019-20 now able to claim for the first time.
  • £5 billion for new Restart Grants – a one off cash grant of up to £18,000 for hospitality, accommodation, leisure, personal care and gym businesses in England.
  • A new UK-wide Recovery Loan Scheme to make available loans between £25,001 and £10 million, and asset and invoice finance between £1,000 and £10 million, to help businesses of all sizes through the next stage of recovery.
  • Extension to the VAT cut to 5% for hospitality, accommodation and attractions across the UK until the end of September, followed by a 12.5% rate for a further six months until 31 March 2022.
  • 750,000 eligible businesses in the retail, hospitality and leisure sectors in England will benefit from business rates relief.
  • Extension of the apprenticeship hiring incentive in England to September 2021 and an increase of payment to £3,000.
  • £7 million for a new "flexi-job" apprenticeship programme in England, that will enable apprentices to work with a number of employers in one sector.
  • Additional £126 million for 40,000 more traineeships in England, funding high quality work placements and training for 16-24 year olds in 2021/22 academic year.
  • More than doubling the legal limit for single contactless payments, from £45 to £100
  • £300 million for major spectator sports, supporting clubs and governing bodies in England as fans begin to return to stadia.
  • Small and medium-sized employers in the UK will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) costs per employee from the Government.

Full Budget 2021 document links here - Budget 2021: documents - GOV.UK (www.gov.uk) which includes the Community Ownership Fund where " community groups will be able to bid for up to £250,000 matched funding to help them to buy local assets to run as community-owned businesses." More details on page 60 of the full Budget Report.

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Budget 2021 - Key Links for the Sports Sector

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