Latest News

Autumn Budget 2021

Chris Stedman
Senior Partner
October 28, 2021
    

The Chancellor delivered his Autumn Budget yesterday, this time to a fuller, but not packed, House of Commons.

It was essentially a “post-Covid era” Budget which saw tax and spending rise to record levels. Many items had already been announced beforehand for which Treasury officials were rightly berated by the Speaker, Sir Lindsay Hoyle, and his deputy, who both insisted that Parliament and not the general public should be the first to know about such decisions.

If one strips away the matters already announced the residue is very thin and there was nothing to set the Thames alight, so to speak.

It is worth noting the matters which the Chancellor did not mention, either in his speech or in the small print. What about capital gains tax reform? There was nothing on that except a welcome extension to reporting deadlines for residential gains. What about inheritance tax reform? Both taxes have been considered in detail by the Office of Tax Simplification but their valuable reports remain gathering dust in the Treasury. What about pension relief changes and the disparity between taxing the employed and self-employed? Have all these gone into the “too hard” box for the time being?

No, this was not a major tax reforming Budget. Frankly it was a bit of a disappointment. We knew about most changes of any relevance already. We can only hope that there are Treasury committees hard at work on these other matters and that proposals for reform will be announced - to Parliament in the first instance, of course – sometime next year.

What was welcome was that in closing the Chancellor stated his commitment to reduce taxes before the end of this Parliament. Hopefully we will hear more about this before too long!

C&H Stedman will be glad to clarify any issues raised in the Budget Report

Subscribe to Steddi Updates

Get industry insights that you won't delete, straight to your inbox.
We use contact information you provide to us to contact you about our relevant content, products, and services. You may unsubscribe from these communications at any time. For information, check out our Privacy Policy.

More news

Latest News

Spring Budget 2023 Statement

This week the Chancellor of the Exchequer delivered his Spring 2023 Budget.

Read Article
Taxation

Inheritance Tax - Past, Present & Future

Probate duty was introduced as a British tax on the gross value of a deceased testator as long ago as 1694. It meandered its way along the death tax floodplain, altering its course and name from time to time but retaining its basic substance and function.

Read Article
Advice

State Retirement Pension

The Government has provided an extended window for individuals to make good missed contribution years to ensure they have a full complement when it comes to state pension entitlement. What are the rules? What can be done?

Read Article