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.
Main 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.
- Increases in the National Living Wage and the National Minimum Wage rates
- An ultra-long-haul band of air passenger duty was introduced.
To read the full details of the Chancellors budget, you can download our Autumn 2021 Budget report here.
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.
To read more about the budget, further information is available below;