Main Budget proposals

Tax measures include:

• a new temporary business rates relief in England for eligible retail, hospitality and leisure properties for 2022/23
• a change in the earliest age from which most pension savers can access their pension savings without incurring a tax charge. From April 2028 this will rise to 57
• the retention of the £1 million annual investment allowance until 31 March 2023
• individuals disposing of UK property on or after 27 October 2021 now have a 60 day CGT reporting and payment deadline, following the completion of the disposal.

Other measures include:

• a complete overhaul of alcohol duties that will see drinks taxed on their strength
• the cancellation of the previously announced rise in fuel duties
• pubs supported with a reduction in draught beer and cider duty
• increases in the National Living Wage and the National Minimum Wage rates
• an ultra-long-haul band of air passenger duty introduced.

Some Budget proposals may be subject to amendment in the Finance Bill 2021-22. Should you need any further help or support please contact us.