Budget 2021

Autumn Budget and Spending Review 2021

Against a backdrop of economic pressures including recovery from Covid-19, post Brexit implications, and increased living costs for households, the Chancellor of the Exchequer will present the Autumn Budget and Spending Review on Wednesday 27 October 2021 

When is the Budget?
The Budget this year will take place on Wednesday 27 October 2021. 

What time is it expected to start?
It is expected to start at approximately 12:30pm.

How long is the speech?
The speech usually lasts about an hour, but the longest ever speech, by William Ewart Gladstone, lasted 4 hours and 45 minutes.

Where does the Budget speech take place?
In the House of Commons.

AIA Resources

Full Budget coverage will be in the forthcoming issue of International Accountant magazine along with an updated Tax Card. AIA Members in Practice also have full access Tolley Tax Library and Online Seminars where all the announcements will be reflected. 

Autumn Budget Webinar

Join us as we analyse the Chancellor's announcements and assess what they means for you, your clients and your business.

Purchase the Autumn Budget Webinar Recording

Tax Card 2020/21

Announcements

Here's a quick guide to the main announcements from the Budget:

The Economy
More Details
Spending
More Details
Taxation
More Details

Tax Reforms & Consultations

The Chancellor announced a number of important tax reforms and confirmed legislation for the forthcoming Finance Bill. Key measures include:

  • the conclusions of the government’s review of business rates
  • reform of Research and Development tax reliefs to support modern research methods, refocusing support towards innovation in the UK and to target abuse and improve compliance
  • reform of Alcohol Duty so that all beverages are taxed in direct proportion to their alcohol content alongside simplification of the regime
  • reform of Aviation Tax introducing a new domestic band and ultra long-haul band for air passenger duty
  • reform of Tonnage Tax to make the UK regime more competitive
  • an extension of the £1 million level of the Annual Investment Allowance to 31 March 2023
  • a temporary increase in the rate of Theatre, Orchestra and Museums & Galleries Exhibition tax reliefs and clarification of the relief rules
  • an immediate change to the time limit for making Capital Gains Tax returns and associated payments on account when disposing of UK land and property from 30 days to 60 days
  • reform to the Income Tax basis period rules to come into force from 6 April 2024.

The government also announced a number of consultations including:

  • a consultation on potential online sales tax
  • a detailed consultation on the alcohol reform proposals
  • a consultation on the regime for company re-domiciliation.

All HMRC tax related documents and other announcements for the Autumn Budget 2021 can be found by clicking here