On 27th October 2021, the Chancellor presented the Autumn 2021 Budget Report. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality.
We’ve summarised the key announcements below.
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.
Should you need any further help or support, please do not hesitate to get in touch.
Click on the link below to read the full budget report.