Autumn Budget 2021 summary
Autumn Budget 2021 summary
In a Budget which was mostly “leaked” in its lead up, perhaps the biggest surprises came in what wasn’t announced.

Another Budget comes and goes. This time, it would appear the Government has kept to their pledge to leave major tax announcements to the Spring Budget only.

In a Budget which was mostly “leaked” in its lead up, perhaps the biggest surprises came in what wasn’t announced.

The hotly anticipated changes to Capital Gains Tax were nowhere to be seen, nor was there any mention of any reform of Inheritance Tax nor National Insurance (both of which were admittedly less likely to materialise in any event).

There is to be no reversal of Universal Credit reductions (although a reduction in the tapering % is due to be implemented as soon as possible).

What we are getting is a cancelling of planned fuel duty rises (again), a reform of alcohol duty and business rates, exemptions on air passenger duty for domestic flights and our ships will now fly our flag!

None of which have a real impact on dentists.

Elsewhere the Chancellor went to great lengths to promote investment and R&D, and to reassure us that Covid wasn’t as bad as we thought; jobs are up, growth is up and borrowing is down.

All this means business as usual for most of us, at least until March. We can proceed as planned safe in the knowledge that Entrepreneurs’ Relief still exists, and the most Capital Gains Tax you’ll pay on the sale of your business over £1m is 20%. I will say it again though… I do expect this to increase in March.

The information contained in this article is based on the opinion of Hive Business and does not constitute formal tax advice. Any tax outcomes will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future. You should seek specific advice before embarking on any course of action. Hive Business does not provide regulated Financial Advice, including advice on investment, insurance or lending products or their suitability for you. This article is provided for information only and does not constitute, and should not be interpreted as, investment advice or a recommendation to buy, sell or otherwise transact, or not transact, in any investment including Bitcoin and other crypto. Any use you wish to make of any information contained within this article is, therefore, entirely at your own risk.

By Simon Vincent Senior Tax Accountant
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