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. The main Budget proposals are outlined below and more detail can be found here Budget summary October 2021.
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.