Tax Matters Digest: Autumn Budget 2021 Tax Matters Digest: Autumn Budget 2021 Tax Matters Digest: Autumn Budget 2021

The Autumn Budget revealed the Treasury’s pivot away from low taxes and spending restraint to direct intervention in supporting particular industries

The Chancellor’s Budget confirmed the introduction of a new tax on the largest residential property developers with effect from 1 April 2022.

The tax is retained but will be reformed to make it “fairer and timelier”.

These include pensions tax changes, a new consultation on the re-domiciliation of foreign corporations to the UK and more.

These include confirmation that the Government is to proceed with changing the basis period rules from a ‘current year basis’ to a ‘tax year basis’.

The Chancellor announced several changes that will be made with effect from 1 April 2023

There will also be an increase in the surcharge allowance available to banking groups from £25 million to £100 million.

There are significant temporary increases in the cultural tax reliefs for theatres, orchestras, and museums for the period to 31 March 2024, with the museums and galleries exhibition relief extended until that date.

The majority of taxpayers will have to pay more personal taxes as a result of these measures.

KPMG experts share their responses to the Autumn Budget and the implications for international and domestic businesses, individuals and employers.

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