Published 27 October 2021
What of today’s budget? Frankly from a tax perspective very little to report.
There have been no changes to the rates of the main tax: both Income and Corporation (Nor Inheritance and Capital Gains for that matter).
At some stage surely there will be a review of CGT and IHT, which many of us have been expecting over the last few years. Perhaps they keep it the same to tease those of us in Corporate Finance so that we rush to complete deals before budget day – Yes, I was one of those that worked the weekend to get a company sale completed yesterday, just in case!
The Annual Investment Allowance has been extended at the level of £1m, to March 2023, which aligns now with the end of the super-deduction
Lovers of Prosecco will be pleased to know that it is no longer going to have duty applied to it at the level of ‘luxury’ Champagne wines. Beer duty for the ‘On-Trade’ (pubs) has been cut too, which assuming it is passed on, will save 3p per pint: go wild!!
Finally, a full two weeks after my heavily delayed decree absolute, I’m thrilled that the time has now arrived for an additional £2.2bn to be spent on courts!
As always if ever you have any wonderings about how the budget will affect you, please do get in touch. Happily this year, the answer will almost certainly be, ‘it probably won’t’: which is good as we can then talk about more interesting things!