Anticipated tax increases failed to materialise, though new steps on tax avoidance were unveiled
The 2021 Budget did not include certain anticipated tax increases, but new steps to tackle tax avoidance and evasion were revealed with the aim of raising £2.2 billion by 2025-26.
Tim Snaith, partner at Winckworth Sherwood, said: “In a number of ways, the budget did not have the sharp teeth so many feared.
“There was no mention of a wealth tax, no wholesale reform to the inheritance tax regime, no sign of the increases in capital gains tax that were thought inevitable and an extension to the SDLT holiday.”
However, Snaith cautioned: “That is not to say that the door has now closed on these changes; in fact, we think it remains wide open and that the Chancellor will tu...