Chancellor Rishi Sunak’s Autumn Budget was a budget of spending, which saw him pledge major increases in public spending.
He also confirmed measures to support business investment and to help encourage business in the UK.
Some of the key measures affecting business included:-
- The extension of the £1m temporary Annual Investment Allowance (AIA) to 31 March 2023 (originally due to expire at the end of 2021).
- Although there were few details, the Chancellor announced reform of the R&D tax relief regime to take effect from April 2023.
- Changes were made to business rates, air duty and the minimum wage – in particular, retail and leisure firms were given a 50% reduction in business rates, to help support them for the next year.
- On top of this, pubs also saw a welcome reduction in tax on draft beers.
In welcome news for buy-to-let investors, no capital gains tax increases were announced. There was however an extension to the current 30 day reporting and payment regime, which increased to 60 days for completions on, or after 27 October.
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