The Autumn 2021 Budget – key points at a glance:
Chancellor Rishi Sunak presented his Autumn 2021 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.
We have laid out the main proposals below but if you would like a full report please download it from the link at the bottom of the page.
Main Autumn 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
Some Budget proposals may be subject to amendment in the Finance Bill 2021-22.
Full budget report
For full details of the Autumn 2021 budget download our Budget Report which includes full details on:
- Personal Tax
- Capital Taxes
- Other matters
- Rates and Allowances
Should you need any further help or support or wish to discuss how these measures affect you and your business, do get in contact with us.