2021 Autumn Budget Report

In Accountancy, News by Caroline

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.

Please click here to read our Barnett Ravenscroft 2021 Autumn Budget Report.

Main 2021 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. Should you need any further help or support please
contact us.

You can read our full 2021 Autumn report here: Please click here to read our Barnett Ravenscroft 2021 Autumn Budget Report.

If you have any questions or would like to discuss the points in further detail please feel free to contact us.

Best wishes

Ben and Richard

Get in touch with Barnett Ravenscroft

If you would like to discuss any of these latest developments in more detail, our team would be delighted to hear from you.