Chancellor Rishi Sunak presented his third Budget on Wednesday 27 October 2021. Our Autumn Budget 2021 summary in the link below provides an overview of the key announcements arising from his speech.
Key tax highlights include:
– 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 highlights 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
To read our detailed summary, please click on the link below.
For further help or advice, please do get in touch.