ICAEW analysis
ICAEW reaction
A Budget full of fizz but many questions to answer
ICAEW experts have welcomed an Autumn Budget containing measures to tackle some of the UK’s immediate challenges, but with inflation and living costs rising the fizz could go flat very quickly.
Public sector
Tough choices facing public finance
More tax, more investment, more spending, less borrowing. ICAEW’s Public Sector experts examine the Spending Review and Autumn Budget 2021 announcements.
Tax
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.
Business
Autumn Budget 2021: small wins for business, but a lack of ‘wow’
The measures outlined in the Budget’s speech are welcome, but do little to address immediate cost and supply chain pressures.
Latest...
HMRC turns the screw on tax scheme promoters
- Article
- 10 Apr 2025
The government has proposed giving HMRC “additional powers and stronger sanctions” to clamp down on promoters of tax avoidance schemes in a consultation published alongside the Spring Statement on 26 March 2025.
Exclusive
Advising in uncertain times
- Article
- 10 Apr 2025
I haven’t seen a period like the last eight months since starting in practice.
Tax news in brief 9 April 2025
- Article
- 09 Apr 2025
Highlights from the broader tax news for the week ending 9 April 2025, including: an update on legislation to enact changes announced at the Autumn Statement 2024; and new guidance for agents on Making Tax Digital (MTD) for income tax.
US blanket tariffs eliminate UK growth projections
- Article
- 03 Apr 2025
The UK economic picture as set out in the Spring Statement is in jeopardy after President Trump imposes tariffs worldwide.
Exclusive
The Spring Statement – going for growth
- Article
- 03 Apr 2025
How will real estate and infrastructure kickstart recovery?
Chancellor tightens screws to slow public finance deterioration
- Article
- 28 Mar 2025
Rachel Reeves used her first Spring Statement to set out a series of strict objectives to bring the public finances back under control.
Government considers extending R&D advanced clearance service
- Article
- 28 Mar 2025
After preliminary discussions with key stakeholders, including ICAEW, a consultation on widening the advanced clearance process for research and development (R&D) tax relief was published alongside the Spring Statement on 26 March 2025.
Chancellor walks tightrope over uncertain landscape
- Article
- 27 Mar 2025
Despite welcome improvements to the OBR forecast and positive noises on defence spending and capital investment in the Spring Statement, the economy remains on shaky ground.
Insights special: Public sector finances
The coronavirus pandemic has taken its toll on the health of the general public and on public sector finances. ICAEW Insights investigates the shape of government finances, in the UK and internationally.
Public sector
Spending Review leaves inflationary sting in local authorities
- Article
- 29 Oct 2021
A relatively large increase in central government funding for local authorities is likely to be offset by a below-inflation council tax rise next year. Further cuts may be needed to balance the books in local authorities facing rising costs on top of low reserves.
A trillion-pound Autumn Budget driven by tax and spending
- Article
- 28 Oct 2021
The Chancellor used tax rises to start repairing the public finances but spending pressures could derail his hopes for a pre-election tax giveaway in 2023 or 2024.
Chart of the week: Spending Review 2021
- Article
- 28 Oct 2021
Chancellor of the Exchequer Rishi Sunak found some extra money to supplement the Spending Review 2021, turning a very tough settlement for government departments into a moderately tough one.
Tough choices facing public finance
- Article
- 27 Oct 2021
More tax, more investment, more spending, less borrowing. ICAEW’s Public Sector experts examine the Spending Review and Autumn Budget 2021 announcements.
What is the Spending Review and Autumn Budget all about?
- Article
- 26 Oct 2021
Today’s Spending Review and Autumn Budget is one of the most important occasions for any Chancellor of the Exchequer, but there is a lot to grasp. We attempt to demystify what is going on with this brief explainer.
Chart of the week: Pre-Spending Review departmental spending
- Article
- 21 Oct 2021
Our chart this week looks at the core departmental resource budgets that are central to next Wednesday’s long-awaited Spending Review.
Use Spending Review to establish a "financial platform for delivery"
- Article
- 12 Oct 2021
Alison Ring, Director for Public Sector at ICAEW, has written to the Chief Secretary to the Treasury ahead of Spending Review 2021 expressing ICAEW’s view that it should be centred on the three key themes of stable funding, fiscal resilience and financial capability.
Chart of the week: capital investment before the Spending Review
- Article
- 30 Sep 2021
Given that capital budgets are often the first to be cut when money is tight, will the planned growth in capital investment survive the Spending Review later this month?
Tax
Tax Faculty analysis of Autumn Budget 2021
- Helpsheets and support
- 02 Nov 2021
ICAEW's Tax Faculty provides a comprehensive summary of the announcements on tax and related matters in the Budget on 27 October.
Limited additional funding for HMRC in Spending Review
- Article
- 28 Oct 2021
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.
An awesome performance, but few tax measures
- Article
- 27 Oct 2021
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 confirms one-year delay to basis period reform
- Article
- 27 Oct 2021
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.
Budget aims to boost UK’s attractiveness to business
- Article
- 27 Oct 2021
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
- Article
- 27 Oct 2021
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.
CGT reporting deadline for property sales extended
- Article
- 27 Oct 2021
Following calls from ICAEW the government has confirmed that many taxpayers will now have twice as much time to report and pay capital gains tax after selling property in the UK.
Use Budget to speed up tax modernisation, says ICAEW
- Article
- 05 Oct 2021
Writing to the Financial Secretary to the Treasury, ICAEW’s Tax Faculty has called for the Autumn Budget to accelerate work to build a modern tax system. While urging a “manageable pace” of transition, it cautions against implementing tax changes without consultation, such as the new Health and Social Care Levy.
Letters to the government
Ahead of each Budget ICAEW writes to the Chancellor of the Exchequer and the Financial Secretary to the Treasury. Read the letters in full.
ICAEW letter to the Chancellor ahead of Autumn Budget 2021
- Representation
- 18 Oct 2021
- PDF (113kb)
ICAEW's CEO Michael Izza has written to the Chancellor arguing that the Autumn Budget 2021 is an opportunity to set the UK on the path to the fullest possible economic and environmental recovery – one which levels up all parts of the country, tackling entrenched regional inequalities to build strong and sustainable local economies.
ICAEW REP 95/21 Autumn Budget 2021 representations - Building a modern tax system
- Representation
- 04 Oct 2021
- PDF (248kb)
A response dated 5 October 2021 to a consultation published by HMT on 30 September 2021, including ICAEW’s Tax Faculty customary pre-Budget letter to the Financial Secretary to the Treasury. It calls for the acceleration of work to build a modern tax system, while urging a “manageable pace” of transition, it cautions against implementing tax changes without consultation, such as the new Health and Social Care Levy.
Budget webinar
The Tax Faculty team and volunteers reflected on the Chancellor's announcements in this essential webinar recorded on 2 November. Watch the recording to hear the discussion and find out what the Autumn Budget 2021 could mean for you and your clients.
