Budget still had winners and losers

Lewis Tompkins & Chris Down

Secondly, the lack of any announcements in relation to capital gains tax and specifically carried interest.

It appears the biggest losers will be large residential property developers with the introduction of a new tax on company profits from April 2022.

The tax will be charged at 4 per cent on profits exceeding an annual allowance of £25m to help create a £5bn fund to remove unsafe cladding. Big banks also took a hit with a 3 per cent surcharge when they pass an annual allowance of £100m in profits, up from £25m.

Following windfall taxes on big property and big banks we suspect that the dog that is yet to bark is big tech, and the chancellor also announced a consultation into an online sales tax, so watch this space.

Lewis Tompkins is tax director at RSM and Chris Down is tax manager at RSM