2021-11-05-德勤-2021年度英国秋季财政预算案_10页_1mb

Autumn Budget 2021 Key Points Summary

Date: October 27, 2021
Delivered by: Rishi Sunak, Chancellor of the Exchequer

1. Business Tax

1. Corporation Tax:

   • Increase to 25%: Profits over £250k taxed at 25% from April 1, 2023.
   • Banking Tax: Reduced from 8% to 3% surcharge (combined rate 28%). Surcharge Allowance: Increased to £100m.
   • New City Developers Tax: 4% levy on RPD profits >£25m group allowance from April 1, 2022. (( Effective rate 23-29%).

2. Capital Allowances:

   • Annual Investment Allowance (AIA) extended to £1m until March 31, 2023.
   • Maintained: 130% super-deduction & enhanced special rate allowance.

3. R&D Tax Credits:

   • Expansion: Qualifying costs include data & cloud computing.
   • Focus shift to UK activities & compliance improvements.
   • Changes effective April 2023.

4. Diverted Profits Tax (DPT):

   • Allowing tax return amendments during DPT reviews.
   • MAP relief effective from Oct 27, 2021.

5. Uncertain Tax Position Notification:

   • Reduced triggers: Provision in accounts or HMRC non-compliance.
   • Companies >£200m turnover or £2bn assets must notify HMRC.
   • Rules apply to returns due from April 1, 2022.

6. Group Relief Abolition:

   • UK companies cannot claim relief from EEA companies post-Brexit.
   • Restructured rules for EEA companies with UK PEs.
   • Effective for accounting periods ending on or after Oct 27, 2021.

7. Loss Relief Rules:

   • Onerous lease provisions relieved at 100% (previously 50%).
   • Retrospective from Jan 1, 2019.

8. Business Rates:

   • 50% Relief: For retail/hospitality/leisure (up to £110k) for 2022-23.
   • Improvement Relief: 100% for eligible property upgrades.
   • Multiplier frozen. Consultation on revaluation frequency ongoing.

9. Re-domiciliation Consultation:

   • UK regime to allow corporate re-domiciliation.
   • Consultation to address tax residence, loss importation, VAT basis.
   • Response due by Jan 7, 2022.

2. Industry Specific Measures

1. Residential Property Developer Tax (RPD):

   • New 4% tax on RPD profits from Apr 1, 2022.
   • Rate increase to 9% from Apr 1, 2023.

2. Tonnage Tax Reform:

   • Election duration reduced to 8 years.
   • Flexibility for delay due to good reasons.
   • Applies to UK-registered vessels. From Apr 2022.

3. Aviation Sector (APD):

   • New domestic flight tax band & higher ultra-long haul rates from Apr 2023.

4. Asset Holding Companies & REITs:

   • New QAHC regime: ≥70% owned funds/institutions.
   • REIT rules simplified for performance. From Apr 2022.

3. Indirect Tax

1. Online Sales Tax (OST):

   • Consultation to introduce UK-wide tax. Revenue to reduce business rates.

2. Plastic Packaging Tax (PPT):

   • Now law: 20% tax on plastic packaging production (applies Apr 1, 2022–).

4. Employment Tax

1. Health & Social Care Levy:
   • NIC rises by 1.25% (Classes 1 & 4) from Apr 2022.
   • New standalone health levy from Apr 2023.

Notes

• Legislative Timelines: Most measures will take effect in 2022–2023, enacted no earlier than Spring 2022.
• Contact: Deloitte insight at www.ukbudget.com.