{"id":21494,"date":"2021-10-28T09:35:53","date_gmt":"2021-10-28T09:35:53","guid":{"rendered":"https:\/\/smh.group\/?p=21494"},"modified":"2023-02-15T13:43:08","modified_gmt":"2023-02-15T13:43:08","slug":"autumn-budget-2021-summary","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/autumn-budget-2021-summary\/","title":{"rendered":"Autumn Budget 2021 summary"},"content":{"rendered":"<p><strong>Chancellor Rishi Sunak used the Autumn Budget 2021 to outline the government\u2019s plans for post pandemic, post Brexit Britain. \u00a0Investing taxpayer money in long-term plans will, he believes, secure the economic future of the country. Everything from the NHS, schools, local transport and the culture and leisure sector appear set to benefit from the better-than-expected economic outlook from the Office for Budget Responsibility.<\/strong><\/p>\n<p>But immediate changes to improve the finances of households and businesses increasingly worried about rising costs over the next 12 months were thin on the ground.<\/p>\n<h2>\u00a0Some of the highlights were:<\/h2>\n<ul>\n<li>A warning for asset holders as the Chancellor expects to raise \u00a3985m from freezing inheritance tax bands, \u00a3990m from freezing the pension lifetime allowance, and an extra \u00a365m from freezing the annual exemption on capital gains tax (CGT) in the next five years.<\/li>\n<li>Effective immediately, the deadline for reporting and paying CGT after selling UK residential property will increase from 30 days to 60 days after completion.<\/li>\n<li>Retail, hospitality and leisure will be eligible for a temporary \u00a31.7 billion of business rates relief next year. The business rates multiplier will be frozen for 2022\/23 so bills are 3% lower than without the freeze. From 2023, no business will face higher rates bills for 12 months after making qualifying improvements to an occupied property.<\/li>\n<li>A 6.6% increase to the national living wage to \u00a39.50 an hour, from 1 April 2022, was confirmed. Young people and apprentices will also see increases in the national minimum wage rates.<\/li>\n<li>Alcohol duty will be restructured so that all beverages will be taxed in direct proportion to their alcohol content.<\/li>\n<li>A new domestic air passenger duty band will cover flights within the UK with a rate of \u00a36.50 for 2023\/24. There will be a new ultra-long-haul band, covering destinations with capitals located more than 5,500 miles from London, with an economy rate of \u00a391.<\/li>\n<li>The temporary \u00a31 million level of the annual investment allowance will be extended to 31 March 2023.<\/li>\n<\/ul>\n<h3><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/10\/Autumn-Budget-2021-SMH.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Download our Autumn 2021 Budget Summary here<\/strong><\/a><\/span><\/h3>\n<h3><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/10\/Tax-Tables-2022-23-SMH.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Download our Tax Tables 2022\/23 here<\/strong><\/a><\/span><\/h3>\n<p>If you have any questions about the summary\u2019s contents or how any aspects of your tax and financial planning may be affected by the Budget, please contact us on <strong>0114 266 4432<\/strong> or <a href=\"mailto:info@smhca.co.uk\"><span style=\"text-decoration: underline;\"><strong>info@smhca.co.uk<\/strong><\/span><\/a> to discuss them.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chancellor Rishi Sunak used the Autumn Budget 2021 to outline the government\u2019s plans for post pandemic, post Brexit Britain. \u00a0Investing taxpayer money in long-term plans will, he believes, secure the economic future of the country. Everything from the NHS, schools, local transport and the culture and leisure sector appear set to benefit from the better-than-expected economic outlook from the Office for Budget Responsibility.<\/p>\n","protected":false},"author":4,"featured_media":21500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,16,832],"tags":[426,180,736,35,290,191,77,656,19],"class_list":["post-21494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-financial-services","category-smh-jolliffe-cork","tag-autumn-budget","tag-budget","tag-budget-2021","tag-business","tag-business-rates","tag-finance","tag-financial-planning","tag-money","tag-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Autumn Budget 2021 summary - SMH Group - Accounting &amp; Business Advisory<\/title>\n<meta name=\"description\" content=\"Chancellor Rishi Sunak used the Autumn Budget 2021 to outline the government\u2019s plans for post pandemic, post Brexit Britain. \u00a0Investing taxpayer money in long-term plans will, he believes, secure the economic future of the country. 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