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ARTICLE · 28 OCTOBER 2021

UK Budget: Hey Big Spender

Withers LLP
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With a substantial corporation tax rise and an increase to NICs and dividend rates already baked into the plan, and many of the major spending decisions made public...

United KingdomTax
Christopher Groves
Christopher Groves
Justine Markovitz
Justine Markovitz
Ceri Vokes
Ceri Vokes
Charlie Tee
Charlie Tee
Lindsay Brown
Lindsay Brown
Tim George
Tim George
Katie Graves
Katie Graves
Ed Cubitt
Ed Cubitt
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With a substantial corporation tax rise and an increase to NICs and dividend rates already baked into the plan, and many of the major spending decisions made public in the run up to one of the leakiest Budgets in memory (and much to the Speaker's annoyance), expectations as to any further substantial tax changes in today's Budget were very low and the Chancellor certainly did not disappoint. What was presented today was a broadly crowd-pleasing Budget focussing on investment, duty cuts and welfare reform for society's least well-off.

Duty announcements in particular will no doubt be very welcome and many in the industry will be raising a glass (of sparkling wine) to Mr Sunak tonight. The planned rise in fuel duty has been cancelled and the alcohol duty regime is set to be simplified, leading to a reduction in the tax on certain drinks, such as sparkling wine. Air passenger duty on domestic flights is also set to drop, in an effort to provide a boost to regional

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