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Budget 2020: latest news and analysis from ICAEW

Latest reporting on Chancellor Rishi Sunak's first budget.

Tax news in brief


Highlights from the broader tax news for the three-week period ending 5 January 2022, including: an increase to late payment interest rates; the Welsh Budget; the Spring Statement date; refunds of VAT for businesses established outside the UK; COVID easements for heritage assets; and updated IHT forms.

Tax news in brief


Highlights from the broader tax news for the week ending 15 December, including: the Scottish Budget and the latest Employer Bulletin.

Limited additional funding for HMRC in Spending Review


HMRC’s Spending Review 2021 settlement will see its spending, excluding that ringfenced for COVID-19, increase to £5.2bn per year by 2024/25. ICAEW’s Tax Faculty explains how HMRC might prioritise the £0.9bn funding increase on its 2019/20 settlement.

Budget confirms one-year delay to basis period reform


The government has announced that reforms to the taxation of unincorporated businesses (known as ‘basis period reform’) will go ahead as planned, although implementation has been pushed back to 2024.

An awesome performance, but few tax measures


ICAEW’s Head of Tax on the Budget, which despite announcements on business rates, R&D tax relief and a promise of future tax cuts, provided more political spectacle than detailed tax policy.

Budget aims to boost UK’s attractiveness to business


A number of measures announced in the Autumn Budget are designed to make the UK a more attractive place to do business. ICAEW’s Tax Faculty outlines the key tax-related measures, including changes to R&D reliefs and enabling companies to move their place of incorporation to the UK.

Chancellor cuts universal credit taper rate


Following criticism after the COVID-related uplift to universal credit was removed at the start of the month, Rishi Sunak used the Autumn Budget to announce changes to the taper rate and working allowance to increase support for recipients.

Keep up to date with the latest on the Budget


Technical experts from across ICAEW will be publishing a range of resources and insights in the coming weeks to help members understand the implications of the Spending Review and the Autumn Budget on 27 October. Find out more.

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