TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

UK Autumn Budget EU Exit measures

Deepening trade ties across the globe is an objective set out in the UK’s Autumn Budget and Spending Review. Spending Review 2021(SR21) sets departmental budgets up to 2024–25.

In charting its ‘new course as an independent trading nation’, the following is proposed:

  • SR21 provides over £1 billion of funding to enable the Government to design a border which simplifies processes for traders and travellers and helps to uphold the security and biosecurity of the UK. This includes £180 million to build a UK Single Trade Window which aims to reduce the cost of trade by streamlining trader interactions with border agencies.
  • The government will consult in 2022 on customs processes, the intermediaries’ market and transit to seek the views and expertise of businesses and ensure that government and industry can work in partnership together to deliver a “world class customs regime.”
  • £347 million by 2024-25 towards customs functions which will include over 1,000 Border Force officers to deliver customs and transit arrangements for goods.
  • SR21 also provides a £67.6 million cash increase for the Department for International Trade to enable the UK to transform its services for exporters and investors, maintain increased capacity to secure world class free trade agreements and continue to support the rules-based international trading system. This will enable the finalisation of free trade agreements with Australia and New Zealand and the continued pursuit of new agreements with the USA, the Gulf Cooperation Council, Canada, Mexico and India, as well as UK membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
  • Freeport sites in Humber, Teesside and Thames will begin initial operations from November. The government remains committed to establishing at least one Freeport in Scotland, Wales and Northern Ireland.
  • £112.9 million by 2024-25 for the Food Standards Agency (FSA) to deliver an effective food regulatory regime.

Specific to Northern Ireland, a new trade and investment hub will be established in Belfast, which according to the Budget documents “will ensure the benefits of the UK’s global trade policy are channelled to Northern Ireland.”