Friday, 29 October 2021

Autumn Budget and Spending Review

The Chancellor of the Exchequer presented his Autumn Budget and Spending Review to Parliament on Wednesday 27 October 2021. 

We have summarised the key points from the budget below:

  • National Living Wage increases to £9.50 from April 2022
  • Dividend tax increases from the 2022/23 tax year by 1.25%
  • Capital gains tax reporting period has increased from 30 days to 60 days as well as the payment. This comes into effect from the 27th October 2021
  • Employees and Employers NI increases by 1.25%
  • Personal allowance frozen until April 2026 at £12,570
  • Corporation tax increasing to 25% from April 2023 for profits over £250K, then a sliding scale, profits below £50K will remain at 19%
  • MTD has been delayed until April 2024 for sole-traders and landlords with income over £10K

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