Contributed by Larking Gowen
1/11/2021 - Larking Gowen
The much-anticipated Budget Statement has been released on Tuesday 27 October, giving the current Chancellor the opportunity to announce the latest Budget without national restrictions in place. Whilst we’re still feeling the impacts of COVID-19, we can now see the start of an economic bounce back, with forecast revenues ahead compared to the Budget announcement in March 2021, there comes a new optimism in the Chancellors announcement.
Some of the key policy changes announced were:
Increased spending for –
Although there are no major increases, there is a continued effort to focus on investment and growth, whilst keeping the books in balance in a recovering economy.
During the Budget Statement the Chancellor further announced:
There were no increases to mention in tax, other than the previously announced Health and Social Care Levy which is in effect a 1.25% tax increase on all earnings and dividends.
Other highlights include:
If you have any questions or would like to discuss the latest Budget announcement, please get in touch, call 0330 024 0888 or email [email protected].
Author: Richard Proctor, Tax Partner
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