On 27 October 2021, the Chancellor delivered the Autumn Budget 2021, which was short on surprises. Following the announcement of future tax increases at the Spring Budget 2021 (and more recent announcements in September regarding the rates of dividend income tax and National Insurance contributions), this Budget was light on tax increases. Instead, the focus was on a number of tax reliefs and administrative changes, some of which made possible by the UK’s exit from the EU, and the resulting increase in legislative freedom.
We have summarised those measures that are likely to be most relevant to our clients. It is not a fully comprehensive description and does not cover (in particular) many measures primarily relevant to individuals, small businesses, or specific industries. More detail on certain changes and announcements outlined will be available when the Finance Bill is published on 4 November 2021, and related consultation papers have been released.