Chancellor Rishi Sunak will deliver the 2021 Autumn Budget speech today at 12:30pm. We will keep you up to date on the key Budget announcements and supply a full summary, which will appear on our website tomorrow morning.
Speculation is rife that the Chancellor will increase capital gains tax (CGT) rates despite ongoing uncertainty following the recommendation from the Office of Tax Simplification (OTS) to align CGT rates with income tax rates.
The Chancellor could also announce an extension to the coronavirus (COVID-19) Recovery Loan Scheme for a further six months until June 30 2022 in order to help businesses continue to recover following the pandemic.
Additionally, £312 billion could be given to the British Business Bank’s start-up loans programme to provide loans to more entrepreneurs across the UK.
Meanwhile, VAT on household energy bills will reportedly not be cut in the Budget, according to Treasury sources. The sources stated that lower income households can be ‘better helped through other schemes’.
An announcement of plans to reduce the UK’s greenhouse emissions to zero by 2050 is expected, alongside confirmation of increases in the National Living Wage (NLW) and National Minimum Wage (NMW) rates.