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As COVID-19 support measures come to an end this Budget, the second in a year, sets out the Chancellor’s plans for economic recovery. The need to respond to the pandemic has dominated the Chancellor’s time in office. This, combined with leaving the EU, has created economic uncertainty and required measures to bring the level of Government debt under control.
The Autumn Budget has maintained a relatively steady ship, with no major announcements in several tax areas. Focus remains on keeping the UK a competitive place for business and encouraging innovation to lead to economic growth.
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Overall, this Budget was light on tax announcements as the Chancellor focused on his plans to build a stronger economy. The new health and social care levy was announced some weeks ago, but this Budget held no major announcements on income tax, national insurance, CGT, or IHT. For business, the extension of the increased annual investment allowance will be welcome. Changes to research and development tax relief have also been trailed, with the aim to target this valuable relief more effectively with an increased focus on supporting innovation in the UK.
We have been told to expect further announcements on tax administration later this Autumn, which could indicate more substantial changes to come.
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VAT
Key highlights
The rate for the new residential property developer tax has been confirmed at 4%
In this section we analyse the Chancellor’s announcements on business taxes and highlight some of the practical implications. Owner managed businesses and large international corporates will want to consider how these changes will impact them.
Extension of the temporary £1 million annual investment allowance to 31 March 2023
Enhanced and extended cultural reliefs
Research and development tax relief is to be reformed, expanding qualifying expenditure and refocusing support to innovation in the UK
New economic crime levy to fund anti-money laundering work
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Key highlights
Business Taxes
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In this section we analyse what the Budget holds on capital taxes, which are always an area of much speculation pre-Budget.
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30 day CGT reporting and payment deadline for property disposals extended to 60 days
No other changes to CGT or IHT
Further announcements on tax administration expected later this Autumn
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Key highlights
Capital Taxes
In this section we analyse Chancellor Rishi Sunak’s announcements on income taxes and identify the impact for individuals.
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Key change is the previously announced 1.25% increase to dividend tax rates and NIC
No further changes to income tax rates or allowances announced
Introduction of basis period reform confirmed
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Key highlights
Income Taxes
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View detailed analysis
No further major changes relating to payroll and employee incentives have been announced to add to the recently legislated health and social care levy effective from April 2022.
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View detailed analysis
With effect from 6 April 2022, the taxable benefit value for company vans will increase by the September 2021 Consumer Price Index (CPI). The taxable fuel benefit value for company cars and vans will increase by the same percentage
Class 2 and 3 national insurance rates and thresholds will also increase from 6 April 2022 in line with the September 2021 CPI, which was 3.1%. The upper earnings limit and upper profits limit, however, will remain at the current level
As previously announced, class 1 and 4 national insurance will increase by 1.25% for the new health and social care levy from 6 April 2022
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Key highlights
Payroll and employee incentives
The Chancellor's announcements on VAT and other indirect taxes are considered in detail by our tax experts in this section.
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View detailed analysis
Amendments to rules for VAT free zones in Freeports
Interim arrangements for motor vehicles brought to Northern Ireland from Great Britain
No further extension to the stamp duty land tax holiday.
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Key highlights
VAT and indirect taxes
Budget Highlights
Business Taxes
Capital Taxes
Income Taxes
Payroll and employee incentives
VAT and
indirect taxes
Partner, Head of National Tax
t: +44 (0)20 7131 8919
Key Contacts
Head of Private Client Tax Services, Private client tax services
t: +44 (0)20 7131 8370
Partner, Head of Tax
t: +44 (0)20 7131 4321
Ami Jack
Geoff Everett
Andrew Wilkes
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Autumn
Budget 2021
Analysis and commentary from the experts at Evelyn Partners, identifying the key tax changes and outlining the practical implications for you and your business.
The Autumn Budget 2021 was announced on 27 October by the Chancellor of the Exchequer Rishi Sunak
Budget Highlights
Business Taxes
Capital Taxes
Income Taxes
Payroll and employee incentives
VAT and
indirect taxes
The annual investment allowance of £1 million will continue until March 2023
No major changes for income tax, CGT, or IHT were included in the Budget
Research and development tax relief is to be reformed, expanding qualifying expenditure and refocusing support to innovation in the UK
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Key Contacts
Partner, Head of National Tax
t: +44 (0)20 7131 8919
Ami Jack
Partner, Head of Tax
t: +44 (0)20 7131 4321
Andrew Wilkes
Key highlights
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