Autumn Budget 2021
- October 28, 2021
Yesterday Rishi Sunak unveiled his Autumn Budget in the House of Commons. The Chancellor said that they are forecasting growth to return to pre-pandemic levels by the end of 2021, followed by a growth of 6% in 2022.
Highlights from the Autumn Budget:
National Living Wage increasing to £9.50 an hour
From April 2022 the National Living wage will increase from £8.91 per hour to £9.50. This rise represents an increase of just over £1,000 a year for a full time worker (based on a 35 hour working week).
£22bn R&D investment
R&D investment would grow to £22bn by 2026/27, reaching £20bn by the next general election in 2024. R&D relief is to be reformed from 2022/23 and details to be announced.
50% business rates discount for leisure and hospitality businesses
Businesses in the leisure, hospitality and retail industries will benefit from a 50% discount on business rates, up to a maximum of £110,000. This includes pubs, music venues, cinemas, restaurants, hotels, theatres and gyms.
The planned increase in the multiplier has been cancelled.
National Insurance Contributions
National Insurance Contributions (NIC) and dividend tax rates to rise by 1.25% from April 2022 to help fund health and social care.
Capital Gains Tax Reporting
The 30 day reporting and payment deadline for CGT on UK residential property has been extended to 60 days.
Recovery Loan Scheme extended
Recovery Loan Scheme has been extended until 30th June 2022 to ensure that lenders continue to have the confidence to lend to small and medium-sized businesses.
To read our full budget summary please click the link below.