WD + Co Autumn Budget Summary 2021 - Flipbook - Page 14
The UK’s tonnage tax regime will be reformed from
April 2022 to help the UK shipping industry grow and
compete in the global market. The reform is intended
to make it easier for shipping companies to move to
the UK, ensure they are not disadvantaged compared
with firms operating in other countries, and reduce
unnecessary administrative burdens.
The government will raise the bandings for Gaming
Duty in line with inflation. The new bandings will
affect Gaming Duty accounting periods commencing
on or after 1 April 2022.
Vehicle Excise Duty (VED)
The government will increase VED rates for cars, vans,
motorcycles, and motorcycle trade licences in line
with RPI with effect from 1 April 2022.
For heavy goods vehicles, VED continues to be frozen
in 2022/23. The HGV Levy is suspended for another 12
months from 1 August 2022.
Increases in Tobacco Duty rates take effect from
27 October 2021 and the government will legislate in
Finance Bill 2021-22 to introduce tougher sanctions to
tackle Tobacco Duty evasion.
As announced at Spring Budget 2021 both the standard
and lower rates of Landfill Tax will increase from
1 April 2022 in line with the Retail Prices Index (RPI).
Rates of Alcohol Duty were not changed in this
Budget. The government is publishing a consultation
on its detailed proposals for Alcohol Duty reform.
• changes to duty structures
• new rates for some products sold on draught