Tax

Tax | Accountancy bodies positive on business focused Budget

After the highly anticipated second Budget of the year, UK accountancy bodies share their reactions to the announcements from the Chancellor

28 Oct 2021

Tax | Budget 2021: basis period reform scheduled for 2024

The government has announced that reforms to the taxation of unincorporated businesses will go ahead in 2024, a year later than originally planned

28 Oct 2021

Tax | Budget 2021: consultation on re-domiciliation for relocating businesses

As part of the Budget announcements, the government plans to change the rules on company re-domiciliation to make it easier for companies to move their domicile to and relocate to the UK

28 Oct 2021

International Tax

Politics

Image for budget 2021 clarification given discovery assessments

Tax | Budget 2021: clarification given on discovery assessments

The Budget confirmed that legislation has been adjusted to allow HMRC to raise discovery assessments into individuals who have failed to report certain tax charges on their self assessment tax returns

28 Oct 2021

Tax | Budget 2021: tax surcharge on UK bank profits cut to 3%

The Budget announced that the surcharge for banks will be cut to 3% from the current 8% with the profit threshold at which banks will start paying the top-up rising to £100m from £25m

28 Oct 2021

Tax | Budget 2021: dividend rate rises by 1.25%

In the Budget, the rates for dividend tax rises were confirmed from the new tax year in April 2022 to fund the social care levy, announced last month

28 Oct 2021

Tax | Budget 2021: HMRC given extra £55m to tackle evasion

HMRC is set to receive additional funding to ramp up its anti-avoidance and evasion efforts with the specialised taskforce earmarked to receive a multimillion boost

27 Oct 2021

Tax | Budget 2021: £468m investment in HMRC IT systems

HMRC will be given a boost with a multimillion investment in IT systems as part of a major modernisation programme

27 Oct 2021

Tax | Budget 2021: Universal credit taper reduced

In the budget, it was announced that the taper rate on universal credit will be permanently reduced by 8 percentage points from 63% to 55%

27 Oct 2021

Tax | Budget 2021: road tax rises except for HGVs

In the Budget, the Chancellor Rishi Sunak announced plans to freeze road tax for HGVs in a bid to offer support to the struggling haulage industry

27 Oct 2021

Tax | Budget 2021: Tax relief for creative and cultural industries to rise

In the budget, the Chancellor has announced the tax relief of up to 50% for theatres, galleries, and other cultural organisations worth almost £250m

27 Oct 2021

Tax | Budget 2021: tonnage tax reform to open up shipping registrations

The government will introduce a package of measures to reform the tonnage tax regime from April 2022 to attract ships to register in the UK

27 Oct 2021

Tax | Budget 2021: residential property developer tax set at 4%

After the earlier announcement that a residential property developer tax would help pay for remedial cladding work, the Chancellor confirmed the tax will take effect from April 2022

27 Oct 2021

Tax | Budget 2021: air passenger duty cut for domestic flights

In the Budget, the Chancellor announced plans to cut the air passenger duty rate on the return leg of flights but signalled a new higher rate for ultra long haul trips

27 Oct 2021