Budget – Personal tax

Dear Members,
Please see below our budget update from James Colvin at Mayflower



Capital gains tax property payment window extended

Not included in the speech, but an important announcement nonetheless, was a change to property payment window for capital gains tax.

The deadline by which any capital gains tax on the sale of UK residential property must be reported and paid has increased to 60 days after the completion date, up from 30 days.

This takes immediate effect, applying as of 27 October 2021.

Universal Credit taper rate cut

This Budget’s ‘rabbit from a hat’ came at the end of the speech – an 8% reduction to the taper rate for Universal Credit.

The measure will allow claimants to keep an additional 8p for every £1 they earn.

National living wage increases to £9.50

The national living wage will increase from 1 April 2022, from £8.91 to £9.50 an hour – an increase of 6.6%.

This increase was already agreed by the Government ahead of the Budget, in response to proposals from the Low Pay Commission.

Talk to us about Autumn Budget 2021.

Leave a Reply

Your email address will not be published. Required fields are marked *