After a turbulent 18 months caused by the pandemic, Chancellor Rishi Sunak used the Autumn 2021 Budget to invest taxpayer money in long-term plans that he says will secure the economic future of the country.
Some of the key points the Chancellor addressed included:
- Capital Gains Tax change – From 27th October 2021, the deadline for residents to report and pay capital gains tax after selling UK residential property will increase from 30 days to 60 days after the completion date.
- Business rates cut – Up to 400,000 retail, hospitality and leisure properties will be eligible for a temporary new £1.7 billion of business rates relief from April 2022.
- National Living Wage increase confirmed – A 6.6% increase to the National Living Wage to £9.50 an hour will come into effect from 1 April 2022.
- Annual Investment Allowance extended – The Annual Investment Allowance will remain at £1 million until 31 March 2023.
Our Budget summary provides a detailed overview of the key updates and announcements given during the Chancellor’s briefing. We also take a step back to review the proposed changes in order to provide you with information most likely to have an impact on you and/ or your business.
If you have any questions about the summary’s contents or how any aspects of your tax and financial planning may be affected by the Budget, please speak to your relationship partner.
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