Budget Day Autumn 2021

The Chancellor, Rishi Sunak MP, announced on 07 September the Autumn Budget 2021 is to be held on Wednesday 27 October.

Budget Day Autumn 2021

This will be accompanied by HM Treasury’s conclusions from the Spending Review 2021 and a presentation of the Office for Budget Responsibility’s (OBR) economic and fiscal forecast.

With surprise new capital allowances at two recent budget announcements – Structures & Buildings Allowance in Autumn 2018 and Super-deduction in Spring 2021 – we will be keeping a keen eye on this Autumn’s announcement, albeit there are no hints at any specific property taxation measures so far.

Might we see an extension to the Super-deduction already at this early stage?  Introduced further to Covid inflicted economic issues and only available to corporation tax payers between April 2021 and March 2023, E3 Consulting has always championed the Government taking a more long-term approach in order to really stimulate investment in the UK real estate sector.

In late 2020, on the £1m capped amount for the Annual Investment Allowance, we said “we would really like to see a more sustained extension of say, three or five years that would facilitate a far greater range of projects to qualify for AIAs, allowing businesses to truly benefit from this fiscal incentive and grow their businesses in the longer term”.  We hope that the Government may reflect that for any tax measures to drive behaviour, businesses need time to plan, fund and implement – so short periods for these measures will tend to have limited impact, other than boosting schemes already in the pipeline.

At this time though we can only speculate on some of the measures that may be implemented.  As such we will be watching the Chancellor’s announcements with great interest and how he balances stimulating investment and growth of the economy, with a understandable need to replenish HM Treasury coffers following the massive costs borne out of numerous Covid measures and furlough support. 

On Budget Day we will, as we usually do, be keeping our social channels up to date with live details of key property tax and wider finance announcements as they happen.  So do follow our Twitter account [@E3Consulting] for our quick reactions and our LinkedIn page and website news for more in depth details later on in the day and following days.

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