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Autumn Budget 2021: Report

Speed read

Key measures include:

  • Current annual investment allowance (AIA) limit of £1m extended to 31 March 2023.
  • Bank surcharge reduced but surcharge allowance increased.
  • Basis period reform to go ahead with 2023/24 as transitional year. 
  • Time limit extended to 60 days for CGT payment on residential property disposals.
  • Discovery assessments can be used to recover the HICBC (countering the UT decision in Wilkes).
  • Immediate abolition of cross-border group relief.
  • Changes to the DPT regime including to preclude the issue of a closure notice in relation to any matter which is or could be relevant to the DPT charging notice.
  • Reforms to R&D rules.
  • Consultation on enabling corporate redomiciliation.
  • Changes to corporation tax loss relief to benefit certain companies in financial distress.
  • Confirmation of a new regime for qualifying asset holding companies.
  • The rate of the residential property developer tax (RPDT) set at 4% on profits exceeding a group-wide annual allowance of £25m.
  • The controversial third trigger for notification of uncertain tax treatments...

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