The Chancellor announced a raft of measures in the Autumn Budget. Discover RSM’s insights on the potential impact to individuals and businesses.
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This year’s Autumn Budget saw few significant changes to employment tax. However, further details of the recently announced health and social care levy, along with confirmation of an increase in national minimum/living wage rates from 1 April 2022, were unveiled.
What was most notable about this year’s Autumn Budget is what the Chancellor didn’t say to individual taxpayers. There were no announcements on capital gains tax increases, a wealth tax or limiting pension tax relief. Which begs the question: how long will individuals have to keep looking over their shoulder?
The Autumn Budget delivered few surprises for corporate taxpayers following a prior announcement of an increase to corporation tax rates from April 2023. But there were a number of areas that were covered, including the extension of the annual investment allowance (AIA) and changes to research and development (R&D) relief.
The Chancellor announced that the UK’s system for charging excise duty on alcohol will be reformed in this year’s Autumn Budget. The reform will allow more favourable rates for lower strength products, small producers and draught products sold in pubs.