Autumn Budget 2021

The Autumn Budget 2021

Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments.

If you have any questions, please do not hesitate to contact us for advice.

The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality.

Main Budget proposals

 

Tax measures include:

  • a new temporary business rates relief in England
    for eligible retail, hospitality and leisure properties
    for 2022/23
  • a change in the earliest age from which most
    pension savers can access their pension savings
    without incurring a tax charge. From April 2028 this
    will rise to 57
  • the retention of the £1 million annual investment
    allowance until 31 March 2023
  • individuals disposing of UK property on or after 27 October 2021 now have a 60 day CGT reporting
    and payment deadline, following the completion of
    the disposal.

Other measures include:

  • a complete overhaul of alcohol duties that will see
    drinks taxed on their strength
  • the cancellation of the previously announced rise in
    fuel duties
  • pubs supported with a reduction in draught beer
    and cider duty
  • increases in the National Living Wage and the
    National Minimum Wage rates
  • an ultra-long-haul band of air passenger
    duty introduced.

Full Autumn 2021 Budget Summary

Please see our full breakdown of the 2021 Autumn Budget summary here Arthur Boyd & Company – Autumn Budget Summary 2021

Some Budget proposals may be subject to amendment in the Finance Bill 2021-22. Should you need any further help or support please contact us.

You should contact us before taking any action as a result of the contents of this summary.

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