Today’s Autumn Budget 2021 was set in the context of a much-improved fiscal outlook, primarily due to a faster than previously anticipated recovery in economic activity and the labour market across the UK. 

Given the two significant revenue raising measures already announced this year, namely the increase in the main corporation tax rate to 25% from 2023 and the announcement of the NIC increases and new Health and Social Care Levy coming into effect in April 2022, businesses will welcome the lack of any additional revenue raising measures. Apart from some relieving measures aimed at low income households, there was very little in today’s Budget in the area of employment taxes or individual taxation more generally (with no changes to income tax or capital taxes rates).

KPMG Belfast’s tax team has prepared a concise overview of the main tax items in today’s Budget affecting businesses and individuals, all of which will have application in Northern Ireland unless indicated otherwise.

Get in touch

If you have any queries on the topics covered in our UK Budget 2021 report, please contact Johnny Hanna, partner in charge, KPMG in Belfast.

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