The UK Spring Budget Statement delivered by Chancellor of the Exchequer, Rishi Sunak, on Wednesday 3 March 2021, laid bare the scale of the economic damage done by COVID-19. The Chancellor’s focus was on initiating an investment-led recovery, to incentivise investment, productivity and growth and to build a new, innovative and “green”, UK economy. In terms of tax policy, the Budget couples some (but actually surprisingly few) tax rises with several innovative tax incentive measures. This alert outlines some of the more significant new announcements and considers what might come next.