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Thursday, March 04, 2021

The Budget 2021

 

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Introduction

The links below set out the detail of each tax policy measure announced at Budget and of previously announced measures that will be included in Finance Bill 2021. It is intended for tax practitioners and others with an interest in tax policy changes, especially those who will be involved in consultations both on the policy and on draft legislation.

Finance Bill 2021 will be published on 11 March 2021.

The information in the document is set out as follows:

Chapter 1 contains details of measures that are included in Finance Bill 2021.

Chapter 2 contains details of measures which are part of Budget but are not in Finance Bill 2021.

Table 1 lists measures where draft legislation was published on either 21 July 2020 or 12 November 2020, for consultation, and which remain unchanged.

Table 2 lists measures in this document without a corresponding announcement in the Budget report.

Annex A provides tables of tax rates and allowances for the tax year 2021 to 2022 and the tax year 2022 to 2023.

Annex B lists upcoming consultations, calls for evidence and other consultative documents announced at Budget. The government will publish a number of tax-related consultations and calls for evidence on 23 March, announced through a Command Paper “Tax policies and consultations Spring 2021”. None of these announcements will require legislation in Finance Bill 2021 or have an impact on the government’s finances. This document will be updated on that date to reflect the further announcements.

Annex C provides a guide to the impact assessments in tax information and impact notes.

The Corporation tax rise has caused some consternation. However, given that it won't take effect until 2023, it is not impossible to imagine a situation whereby the rise could be lessened or indeed not implemented at all!

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