The CIPP’s Autumn Budget 2021 summary has landed
28 October 2021
The CIPP has produced its Budget summary for 2021, which includes all the key elements for payroll professionals to be aware of for the upcoming tax year, and beyond.
The Chancellor of the Exchequer today announced a series of spending measures to help support businesses and individuals. A reduction in the tapering of universal credits from 63% to 55% was among the Chancellor’s headlines from today’s Budget.
The Budget summary also explores the measures that will be implemented in an attempt to boost the economy, including extending tax relief for arts and culture sectors, business rate reductions for hospitality and leisure, and a further freeze in fuel duty rates. The government response to the net pay anomaly in pension tax relief is also included in the document.
The summary includes information relating to all the usual information you would expect to see within a Budget update, including confirmation of tax rates and thresholds, the National Living Wage (NLW) and National Minimum Wage (NMW) rates, information relating to pensions taxation, and company cars, vans and fuel. The health and social care levy did not feature heavily in today’s announcement, but the summary includes details on the changes in 2022-23 and beyond.
The Budget summary is your one-stop shop for everything payroll related, and we thoroughly encourage you to read it in full.
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