Autumn Budget 2021 Key Points

The Chancellor of The Exchequer, Rishi Sunak, today delivered his third Budget Speech and Spending Review.  Here are the key headline announcements:

Business Support

• Retail, hospitality and leisure businesses will be eligible for a temporary 50% relief from business rates.
• From April 2023 properties will be revalued every three years for business rates.

Tax

• No changes to rates or thresholds for Income Tax, National Insurance or VAT.
• New Health & Social Care levy of 1.25% announced in September was confirmed.
• The £1m annual investment allowance for capital spending is being extended to March 2023 (previously December 2021).
• No announcements in relation to Corporation Tax (other than banks), Capital Gains Tax or Inheritance Tax rates.

Property

• The time limit for filing returns and paying capital gains tax on residential property sales is extended from 30 days to 60 days effective from today.

Other

• Living wage increased to £9.50 from April 2022.
• Fuel duty frozen.
• Alcohol duty to be reformed, with higher strength drinks paying more but lower strengths less.
• Air passenger duty to be reduced for UK domestic flights.

The devil is always in the detail and we will continue to monitor the Government press releases as they are issued and bring you further information as soon as we know it.

We are here to help, so if you have any queries or wish to discuss any of the above then please contact us.