HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October.
On 7 September the Chancellor launched Spending Review 2021, which will conclude on 27 October and will be presented alongside the Autumn Budget. The Spending Review will outline government departments’ resource and capital budgets from 2022/23 to 2024/25.
The Spending Review is also expected to set out how the government will deliver on its promises to the British public through leading the transition to net zero across the country; ensuring strong and innovative public services; levelling up across the UK to increase and spread opportunity; and delivering its Plan for Growth.
The Chancellor is going to need to balance the books so stealth taxes seem inevitable, possibly including a new residential property developer tax. Many commentators predict changes to Inheritance Tax and Capital Gains Tax. Some tax increases have already been announced – NIC (increasing by 1.25% from 1 April 2022), dividend tax (increasing by 1.25% from 1 April 2022) and Corporation Tax (increasing from 19% to 25% from 1 April 2023), for example. But more are sure to come.