Yesterday saw the second Budget this year and the second delivered by Rishi Sunak as Chancellor. He declared that the UK is entering a “new age of optimism” giving the Chancellor extra fiscal firepower as a result of a brighter economic outlook. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality.
We have prepared a Budget summary which provides an overview of the key announcements arising from the Chancellor’s speech. Throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.
The Budget summary can be found here: PK Group Budget Summary October 2021
Main Budget tax proposals:
• a new temporary business rates relief in England for eligible retail, hospitality and leisure properties for 2022/23
• 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
• the retention of the £1 million annual investment allowance until 31 March 2023
• individuals disposing of UK property on or after 27 October 2021 now have a 60 day CGT reporting and payment deadline, following the completion of the disposal.
Other measures include:
• 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 introduced.
If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s speech, please do get in touch with our team on either welcome@pkgroup.co.uk or +44 (0)20 8334 9953.
