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.
Some Budget proposals may be subject to amendment in the Finance Bill 2021-22.
Click on the links below for further information
Personal Tax – Highlighting income tax, savings, pensions and reliefs.
Business Tax – Highlighting Making Tax Digital, corporation tax, capital allowances, R & D and business rates.
Employment Taxes – Highlighting National Insurance and NLW/NMW.
Capital Taxes – Highlighting capital gains tax and inheritance tax.
Other Matters – Highlighting various matters, including tonnage tax, alcohol duty and air passenger duty.
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Need help? Get in touch
If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch with our team. Call us on 01904 655202, or email our tax team:
Nigel Atkinson: firstname.lastname@example.org
Paul Morris: email@example.com
Robert Salenius: firstname.lastname@example.org
Claire Hodsman: email@example.com