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Autumn Budget 2021 

Looking at the impact Rishi Sunak's second Budget of 2021 may have on businesses, employers and individuals.
Autumn Budget 2021: Crowe reactions
Our partners give their reactions on the Budget measures delivered by the Chancellor, Rishi Sunak

Our partner's instant reaction

 
Laurence Field
Partner, Corporate Tax
  Nick Latimer
Partner, Private Clients

Crowe Cast: Autumn Budget special

In the special episode of Crowe Casts our Partners, Jane Mackay (Head of Tax) Laurence Field (Corporate and International Tax Partner), Rebecca Durrant (National Head of Private Clients) and Robert Janering (Corporate VAT Partner), discuss the impact the Chancellor's statement is likely to have on business and individuals.

 

What has the Budget delivered

Company taxes

Chancellor announces extension of the temporary increase to £1,000,000 of the Annual Investment Allowance to 31 March 2023.
The government has announced a new Residential Property Developer Tax to be introduced from April 2022.
Maritime businesses to benefit from changes to tonnage tax regime.
Some relief announced for retailers, but will it be enough to help those that are struggling?
Summary of all the autumn Budget 2021 changes that relate to those operating within real estate.
Chancellor gives extra funding to HMRC to enforce tax compliance.
The government is helping innovation in the UK, including attracting overseas innovators and spending on UK business.
Tax relief for creative industries will be doubled. Autumn Budget also reveals post-pandemic support for culture and heritage institutions.
Chancellor announces extension of the temporary increase to £1,000,000 of the Annual Investment Allowance to 31 March 2023.
The government has announced a new Residential Property Developer Tax to be introduced from April 2022.
Maritime businesses to benefit from changes to tonnage tax regime.
Some relief announced for retailers, but will it be enough to help those that are struggling?
Summary of all the autumn Budget 2021 changes that relate to those operating within real estate.
Chancellor gives extra funding to HMRC to enforce tax compliance.
The government is helping innovation in the UK, including attracting overseas innovators and spending on UK business.
Tax relief for creative industries will be doubled. Autumn Budget also reveals post-pandemic support for culture and heritage institutions.

Individual

The reform of basis periods will be implemented from 2024/25 onwards, the Chancellor has confirmed.
No surprise as no changes to Capital Gain Tax or Inheritance Tax announced in the Autumn Budget allowing some to breathe a sigh of relief for now.
The tax payment date and deadline to report gains on property disposals to HMRC has been extended to 60 days.
A tax by stealth on national insurance contributions and dividends, the 1.25% increase will impact workers, businesses and SME’s drawing dividends.
The reform of basis periods will be implemented from 2024/25 onwards, the Chancellor has confirmed.
No surprise as no changes to Capital Gain Tax or Inheritance Tax announced in the Autumn Budget allowing some to breathe a sigh of relief for now.
The tax payment date and deadline to report gains on property disposals to HMRC has been extended to 60 days.
A tax by stealth on national insurance contributions and dividends, the 1.25% increase will impact workers, businesses and SME’s drawing dividends.

Employer taxes

Two key changes that employers should be thinking about after the Budget announcement.

VAT and Customs Duty

The Chancellor didn’t take the option provided by Brexit to deviate from EU VAT law and make significant UK VAT rate changes.

Social Purpose and Non Profit

Despite the significant contribution the sector has already made, there have been very few measures included in the Budget to help.