Among the development measures the Chancellor announced in the March Budget were eight new freeports in England. These are due to enter operation in late 2021, with each freeport including a defined tax site within…
Businesses prepare for long term tax hike
The 3 March Budget provided an immediate sweetener for businesses in the form of a temporary extension to carry back of trading losses, plus, for companies only, a temporary super-deduction for investment in plant and…
Covid-19 relief measures extended again
The latest, and hopefully last, lockdown is not due to be completely lifted until at least 21 June, so it was no surprise to see Covid-19 relief measures extended in the Budget on 3 March.…
The Spring 2021 Budget – still some surprises
A quiet turning of the tax screw. Just before the Budget arrived on 3 March, it seemed as if the Chancellor would have nothing to say that was not already public knowledge. However, while some…
Get Ready for 2021-2022
Taking some time to start planning for the 2021/22 tax year might be worth the effort. While there is often a focus on planning for the end of the tax year, much less attention is…
Is A Wealth Tax A Viable Option for The Chancellor?
The Wealth Tax Commission, an independent body of tax experts, has set out the framework for a one-off wealth tax. Will the Chancellor be tempted to adopt this? In his November [2020] statement, in which…
Is An Increase in Capital Gains Tax Inevitable?
A recent report could herald changes to capital gains tax. Last July the Chancellor asked the Office of Tax Simplification (OTS) to undertake a review of capital gains tax (CGT) “in relation to individuals and…
Changes to the National Minimum and Living Wages
One of the announcements to come out of the Chancellor’s Spending Review was welcome increases to minimum wages. From 1 April 2021, the National Living Wage will get a 19p increase, going up to £8.91…
Self-Employed Granted Furlough Extension
Two further grants under the SEISS were announced in September and have now been updated. Following the announcement last week, of a second lockdown, the government’s new package of support measures announced in the Chancellor’s…
What Now, Autumn Budget?
So, the Autumn Budget has been pushed into spring 2021, with tax rises on the cards. What should we expect in the Spring Budget? With intense speculation around tax rises to pay for the raft…