The Autumn Budget 2021 – what the Chancellor of the Exchequer didn’t say
Owen Kyffin CTA, tax specialist at Whitley Stimpson, gives a summary of the opportunities which might arise in the future for tax planning following the Autumn Budget 2021 announced yesterday.
“My biggest take away from yesterday is what Rishi Sunak didn’t say more than what he said.
“He had already announced the corporation tax increases and the health and social care levy so there was no news there.
“However, for many recent budgets there has been speculation and even recommendations in some cases from Government Departments that there should be changes to:
- Pension schemes – reduced allowances and rates of relief
- Business asset disposal relief – reduction/abolition
- Capital gains tax – alignment of rates with income tax
- Inheritance tax – abolition of reliefs/lifetime charges on transfers
“None of these were mentioned yesterday. Therefore, these still represent areas where planning might be appropriate before any future changes are made, such as:
- Passing assets down the generations and making gifts whilst still potentially exempt
- Advancing sale of business or passing otherwise on to successors
- Maximising pension positions
- Washing through any unrealised gains with the certainty of a 20% rate of capital gains tax
“Basically, there is still a window of opportunity to plan before any possible future changes.”
Autumn Budget 2021: Key Personal Announcements
Autumn Budget 2021: Key Business Announcements
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