Autumn Budget 2021 - Summary

Tax

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This Autumn Budget Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. 

At the back of the Summary you will find a calendar of the tax year with important deadline dates shown.

We recommend that you review your financial plans regularly as some aspects of the Budget will not be implemented until later dates.

Significant points from the Autumn Budget 2021

  • 30-day reporting and payment deadline for CGT on UK residential property extended to 60 days for transactions completing on or after 27 October 2021
  • 100% Annual Investment Allowance continues at £1m until 31 March 2023, instead of reducing to £200,000 on 1 January 2022
  • Confirmation of 1.25% increases in National Insurance Contributions (NIC) and dividend tax rates from 6 April 2022, as well as increases in most NIC thresholds
  • Residential Property Developer Tax to be introduced from 1 April 2022 at 4% on profits over £25 million
  • Reform of basis period rules for unincorporated business and LLPs from 2023/24 Temporary reliefs for Business Rates for small businesses in 2022/23, with longer-term reform of the system and reliefs for expenditure to be introduced in April 2023 New late submission and payment penalty regimes to be introduced for VAT (for accounting periods beginning on or after 1 April 2022)
  • Making Tax Digital for Income Tax Self Assessment to be introduced from 2024/25, along with a new penalty regime for late submission and payment.

We will, of course, be happy to discuss with you any of the points covered in this report and help you adapt and reassess your plans in the light of any legislative changes.

Download your free copy of the Budget Summary below or get in touch with our tax specialist to discuss how you and your businesses might be impacted.

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