The 2021 Autumn budget

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.

For the most part, the spending commitments were covered in the days leading up to the budget, so there were no real surprises.

The tax changes are minimal but can be summarised as:

• a temporary business rates relief in England for the retail, hospitality and leisure properties for 2022/2023.

• 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.

• retention of the £1m annual investment allowance until 31 March 2023.

• Capital Gains Tax (CGT) - there is a 60-day reporting and payment deadline for individuals disposing of UK property on or after 27 October 2021.

• Previously announced, but still important was the tax on dividends. (Covered here)

There were a few other measures that are of interest:

• a complete overhaul of alcohol duties that will see drinks taxed on their strength

• the cancellation of the previously announced rise in fuel duties

• pubs supported with a reduction in draught beer and cider duty

• increases in the National Living Wage and the National Minimum Wage rates

• an ultra-long-haul band of air passenger duty was introduced.