Whilst Autumn Budget 2021 announced a number of spending giveaways, it was relatively light on new tax measures. In particular, the much-feared increases to rates of capital gains tax, inheritance tax and self-employed national insurance contributions did not materialise. Also absent were new restrictions on pensions tax relief or the introduction of a wealth tax.
Jim Rogers, practice leader for Grant Thornton UK LLP in the Thames Valley area, said: “Businesses will be breathing a sigh of relief. The emphasis was on creating a new post-Covid economy and with two significant tax hikes already imposed this year, there was at least no more bad news.
Look, I’m perplexed and I’m conflicted. I happily admit – and often do – that I’m a natural born Tory-skeptic. Nevertheless, I can’t help being impressed by Rishi, time and again, in spite of myself. But then again, yesterday’s budget has been more New Labour than One Nation Conservative.
With the Speaker of the House of Commons by tradition not presiding over the Budget, the Chancellor might have hoped he would escape a rebuke over the number of important announcements disclosed to the media in advance.
Chancellor Rishi Sunak presented the 2021 Autumn Budget on 27th October 2021, though the number of policies announced in advance made many commentators wonder if anything new would be mentioned in the actual budget speech!
On Wednesday, the 27th of October, 2021, Chancellor Rishi Sunak announced a raft of tax changes that are sure to affect us all. The budget speaks largely to spending on public services. It covers healthcare, police budgets, housing, rail and transport, child services, education, business support, COVID support, taxes, benefits, and more.
In the Autumn Budget, the Chancellor confirmed the Recovery Loan Scheme will be extended until 30 June 2022 to ensure that lenders continue to have the confidence to lend to small and medium-sized businesses.