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The UK's Chancellor Rishi Sunak presented his Autumn Budget and Annual Spending Review on 27 October 2021. This is our summary of the key tax announcements that may affect owner-managed businesses and their proprietors.

Income Tax, NICs, claims & reliefs

New announcements:

As announced in September 2021:

 See Autumn Budget 2021: Income Tax, NICs, claims and reliefs

Employers

From April 2022:

Further changes

 See Autumn Budget 2021: Employment Taxes

Savings & Dividends

No changes for 2022-23:

As announced in September 2021:

From 6 April 2022:

See Autumn Budget 2021: Income Tax, NICs, claims and reliefs

Capital Gains Tax

From 27 October 2021:

 See Autumn Budget 2021: Capital Gains Tax (CGT)

Inheritance Tax

No changes

Land & Property

From April 2022

 See Autumn Budget 2021: Land & Property

Corporation Tax 

As previously announced, from 1 April 2023:

New announcements:

From April 2023

From 27 October 2021

Creative tax reliefs 

For expenditure from 27 October 2021

R&D tax relief

From April 2023

See Autumn Budget 2021: Corporation Tax

Capital Allowances

See Autumn Budget 2021: Capital Allowances

VAT

Backdated to 1 January 2021:

Ongoing:

 See Autumn Budget 2021: VAT

Tax Administration & Penalties

New announcements:

As already announced:

Tax Penalties

As already announced:

See Autumn Budget 2021: Tax penalties & compliance

Review of business rates

Misc reliefs and taxes

Duties

Benefits 

External sources

Autumn Budget 2021

 

 


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