2021 Autumn Budget Analysis

The UK economy has seen faster than anticipated growth after the largest recession on record, allowing greater latitude for the Chancellor than had previously been expected.

The focus was largely on increasing spending aimed to drive economic growth in order to increase the tax take in the aftermath of the pandemic. The key business tax announcements included:

• An extension to the Annual Investment Allowance;
• A consultation for a tax on online sales to support the High Street;
• Proposals for a new re-domiciliation regime to encourage overseas companies to move their domicile to the UK; and
• Revisions to the R&D tax regime to include new categories of qualifying expenditure, limitations on R&D undertaken overseas and additional measures to counter abuse.

We are pleased to deliver our initial response to the key tax implications from the Autumn Budget announcements in our full report which you can access via the links below.