Herrington Carmichael’s Autumn 2021 Budget Predictions: Finances

Oct 21, 2021

As the deadline day draws closer, many are speculating how 27 October 2021 (the Autumn Budget delivery date) will pan out and how any changes will affect businesses and financial institutions, of all sizes.

There are areas, with regards finances, that may potentially change within the Autumn Budget, and we have set out potential areas that might be subject to change below:

Review of Banking Tax surcharges

  • There are suggestions that there is to be a reduction to the bank surcharge which is levied over and above corporation tax. Rumours have suggested that the surcharge could be reduced from 8% to as little as 2%. Any such reduction would be with a view to ensuring taxation rates in the finance sector are competitive with those in the US and EU, and to ensure the UK finance industry remains attractive to investors.

Securitisation tax rules

  • The Budget is likely to provide a response to the securitisation consultation that closed in June 2021, concerning potential ‘loan capital’ stamp duty exemptions and the definition of a ‘securitisation company’ in the tax regime for securitisations.

Online filing of interest restriction returns

  • The Budget may introduce the concept of a mandatory filing of interest restriction returns through HMRC’s new API software. Currently this filing mechanism is optional.

For further information or to discuss the issues raised either prior to the budget or post the Autumn Budget, please contact our Banking team on 01276 686222 or via yavan.brar@herrington-carmichael.com or chris.gemson@herrington-carmichael.com.

This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to a particular matter.

This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to your own particular matter before action is taken.

Yavan Brar

Yavan Brar

Managing Partner, Head of Corporate and Commercial

Chris Gemson

Chris Gemson

Solicitor, Corporate and Commercial

Latest Articles

Contact us

    The information you submit will be handled in accordance with our privacy policy.


    The Legal Room UK Podcast features a diverse range of specialists offering expertise on a variety of topics. 
    Subscribe on whatever podcast platform you use.

    Residential Landlords and COVID

    Residential Landlords and COVID

    This podcast will be looking at the practical difficulties caused by COVID emergency restrictions in using the Court process to remove tenants from...

    Podcast: What is an FRI Lease?

    Podcast: What is an FRI Lease?

    In this episode our Property team talk about FRI leases and the difference between the position for both a commercial lease and a residential lease....

    Top Legal Insights


    Contract Law

    Material Breach of Contract

    What is a ‘material’ breach of contract by a party to a commercial contract? This is a critical issue regularly considered by the courts. What constitutes a material breach and what are the remedies?

    Property Law

    Commercial Lease: The Financial impact on Landlord and Tenant

    Coronavirus (COVID-19) and the restrictions now in place to control its spread, are having a significant effect on many business sectors.

    Divorce and Family Law

    Divorce in Lockdown: Can I get some discreet legal advice?

    We have spoken to clients who are unfortunately experiencing some family issues, and would like to obtain expert legal advice, yet don’t know how...

    Land & Property Dispute

    Restrictive Covenants – The Price of Modification

    Having identified that your land is burdened by a restrictive covenant and for the purposes of this article the covenant in question will be that only one residential building can be erected on the land. What do you do next?

    Wills, Trusts and Probate

    Why is having a will so important?

    It is entirely up to you if and when you want to create a Will, but it is important to be aware of the consequences of not having a Will.

    Award winning legal advice

    We are solicitors in Camberley, Wokingham and London. In 2019, Herrington Carmichael won ‘Property Law Firm of the Year’ at the Thames Valley Business Magazines Property Awards, ‘Best Medium Sized Business’ at the Surrey Heath Business Awards and we were named IR Global’s ‘Member of the Year’. We are ranked as a Leading Firm 2022 by Legal 500 and Alistair McArthur is ranked in Chambers 2021.

    60 St Martins Lane, Covent Garden, London WC2N 4JS
    +44 (0) 203 755 0557

    Building 2  Watchmoor Park, Riverside Way, Camberley, Surrey  GU15 3YL
    +44 (0)1276 686 222

    Wokingham (Appointment only)
    4 The Courtyard, Denmark Street, Wokingham, Berkshire RG40 2AZ
    +44 (0)118 977 4045


    © 2021 Herrington Carmichael LLP. Registered in England and Wales company number OC322293.

    Herrington Carmichael LLP is authorised and regulated by the Solicitors Regulation Authority.

    Privacy Policy   |   Legal Notices, T&Cs, Complaints Resolution   |   Cookies
    Client Feedback   |  Diversity Data