Budget 2021: spend, spend, spend
The Autumn budget sought to put the UK economy on the path to recovery, with incentives for business innovation and many personal taxes unchanged.
Published on 28 Oct 20211 minute read
- Chancellor Rishi Sunak decided to spend rather than save in the Autumn Budget with an extra £150 billion for public services.
- Businesses saw the welcome extension of the increased annual investment allowance of £1 million to 2023, alongside changes to research and development tax relief.
- The much-anticipated rise in Capital Gains Tax did not materialise, with no further changes to Income Tax beyond the previously announced 1.25% increase to dividend tax rates and NIC.
- The Office for Budgetary Responsibility upgraded the UK’s economic growth forecast to 6.5% from 4%, but higher inflation may be the sting in the tail.
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