Autumn Budget 2021: Real Estate & Construction Sector
The Autumn Budget 2021 was delivered by the Chancellor of the Exchequer last week. He acknowledged there will still be challenging months ahead but a quicker recovery from the pandemic is now expected. He took the opportunity to announce significant increases in spending, without announcing any significant new tax rises. Below, we have highlighted the…
READ MOREAutumn Budget 2021: Creative sector tax reliefs – rates of relief
The Chancellor announced in the Autumn Budget 2021 a temporary increase in the rate of certain creative sector tax reliefs. These increases are for a limited period only and are intended to kick-start activity in these sectors post-Coronavirus. The changes are: The rate of Theatre Tax Relief for non-touring productions is to be increased to…
READ MOREAutumn Budget 2021: Corporate & Business Tax
The announcements made by the Chancellor today were a mixed bag. They include sensible enhancements to categories of qualifying expenditure for research and development tax reliefs, increased reliefs for companies in creative sectors that have suffered as a result of Coronavirus, clarification of the Residential Property Developer Tax, and several other changes. It is interesting…
READ MOREAutumn Budget 2021: Private Client Tax
It was not clear before today whether we would see several key tax measures announced for private clients – potentially encompassing capital gains tax, inheritance tax and pensions – or whether it would be a quiet day for private client tax. In the end, the not unwelcome position was that very few changes were announced, with…
READ MOREBudget 2021: Real Estate and Construction Tax
In the March 2021 Budget, the government has followed the unprecedented approach adopted at the March 2020 budget in continuing massive central support for the UK economy. The level of borrowing and spending reported on and announced are truly ‘generational’ in their scale. The UK will be dealing with the aftermath of Coronavirus for decades…
READ MOREBudget 2021: VAT
As is often the case, the Budget contained various VAT-related measures that will be important to certain businesses and other organisations. VAT reduction for the UK’s tourism and hospitality sector The temporary 5% VAT rate that applies to certain goods and services supplied within the tourism and hospitality sector, which was due to end…
READ MOREBudget 2021: Employment Tax
There were several employment tax measures in today’s Budget, with the most significant of these relating to the government’s continued support for businesses in light of the impact of Coronavirus. Coronavirus Job Retention Scheme extension The Coronavirus Job Retention Scheme (CJRS) was previously due to end on 30 April 2021, and has now been…
READ MOREBudget 2021: Private Client Tax
Before the Budget, it was not entirely clear how many revenue-raising measures would be announced. Capital taxes were thought to be at risk of change, due to the triple lock being in place on rates for income tax, national insurance and VAT. In the end, no significant changes were announced for personal taxes, although several…
READ MOREBudget 2021: Corporate & Business Tax
With record low corporation tax rates, it was always likely that the Chancellor would see this as an area for raising revenue, and this has proven to be the case. While the UK will still have the lowest corporate tax rate in the G7, it is more important to look at effective tax rates that…
READ MOREBudget predictions 2021
As February and winter draw to a close, we now approach spring and a new Budget on 3 March. It is likely to be the most important Budget in recent times, almost certainly so in the last 50 years. The perhaps conflicting needs of addressing record public borrowing while not inhibiting the economic recovery are…
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