Chancellor Rishi Sunak called time on Covid-19 support measures in the Autumn Budget and set out his plans for economic recovery. He decided to spend rather than save with an extra £150 billion for public services, paid for by the highest tax burden in recent history.
However, the Autumn Budget was light on new news. Key changes had been flagged in advance and there were no significant announcements on personal taxation. The focus remained firmly on keeping the UK a competitive place for business and encouraging innovation to lead to economic growth.
In spite of speculation, Capital Gains Tax remained untouched, with just a small extension to the reporting and payment deadline. There were no further changes to Income Tax beyond the previously announced 1.25% increase to dividend tax rates and NIC. However, the Chancellor flagged further announcements on tax administration later this Autumn, which could indicate more substantial changes to come.
Read analysis and commentary from the experts at Smith & Williamson, identifying the key tax changes and outlining the practical implications for you.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.