As the nation wrestles with recovery at the tail end of the COVID pandemic, The Chancellor, Rishi Sunak, presented his Autumn Budget and Spending Review to Parliament on Wednesday 27th October, in which he set out plans to “build back better” and support the economic recovery. Here are some of the tax related headlines for private clients:
- CGT reporting on property disposals – time limit for reporting and paying tax increased from 30 days to 60 days
- Annual Investment Allowance of £1m extended to 31 March 2023
- The previously announced health care levy of 1.25% was confirmed
- The basis period reforms also announced previously (now with effect from 6/4/24, with the transitional year being 2023/24).
Further details on the above, and the other changes announced, can be found here.
For more information on the Budget or any other tax related matter, please contact us on 0131 228 8111 or through the website.