Rishi Sunak was clearly determined to deliver an upbeat positive Autumn Budget message this year following the dark months of the pandemic. Much of the news of tax rises had already been announced prior to the budget and in the Spring, leaving him free rein to press home his key messages of investing in growth and support for businesses; advancing global Britain, seizing the opportunities of Brexit; building back greener and delivering for all parts of the UK.
Welcome announcements included increasing research and development support, extending the higher annual investment allowance limit, reductions in business rates for the high street and increases in the cultural tax reliefs.
As well as the many giveaways there were increases in national insurance and dividend tax, the new residential property developer tax, the economic crime (AML) levy and reforms to the basis period of assessment for unincorporated businesses.
As usual there is a lot more detail in the Treasury press releases. Please see our summary of the budget announcements for further information.
The information in this article was correct at the date it was first published.
However it is of a generic nature and cannot constitute advice. Specific advice should be sought before any action taken.
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