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Autumn Budget
The Chancellor, Rishi Sunak, presented his Autumn Budget on Wednesday 27 October 2021.
There is no denying that the past 18 months of the pandemic has placed exceptional and unique challenges in the way of managing the country’s economy. What has The Chancellor done to help with this and what is the likely impact for your business?
Main Budget proposals
Tax measures include:
- Taxpayers disposing of UK property on or after 27 October 2021 now have a 60-day Capital Gains Tax reporting and payment deadline, following the completion of the disposal.
- The Annual Investment Allowance of £1 million has been extended to 31 March 2023.
- National Living Wage increase for individuals aged 23 and over to £9.50 and National Minimum wages set to rise in April 2022.
- Increase to the normal minimum pension age, currently pension savers can access their pension savings without incurring a tax charge from the age of 55. From April 2028 this will rise to 57 for all those born after April 1973.
Other measures include:
- The planned rise in fuel duty is to be cancelled
- The current system of alcohol duties is to be simplified. The highest rates will now be paid on the strongest spirits, wines and beers, and a new draught relief will apply a new, lower rate of duty on draught beer and cider.
- 8% cut to Universal credit taper relief from 63p to 55p will be introduced no later than December 1st, meaning Universal credit claimants will be able to keep an additional 8p for every £1 of net income they earn.
Business Rates Relief
The new temporary business rates relief of at least 50% for eligible retail, hospitality and leisure properties is for those businesses in England only.Business rates have been devolved to Scotland, Northern Ireland and Wales.
In Wales, all business and charities in the leisure and hospitality sectors are already receiving a 100% discount as a result of measures introduced because of the pandemic. Rates relief in Wales continues until the end of the financial year in April 2022.
Any decisions about continuing that scheme or any others will come when the Welsh Government announces its own budget for 2022/23 on 20 December 2021.
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