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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