Insights

Budget

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November 1, 2021

Main Capital and Other Allowances


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Plant & machinery (P&M) 100% annual investment allowance (1st year): To 31/3/23 £1,000,000 P&M* super-deduction first year allowance (FYA) for companies to 31/3/23 130% Special rate P&M* FYA for companies

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November 1, 2021

Tax-Free Business Mileage Allowance – Own Vehicle


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Cars and vans first 10,000 miles 45p per mile thereafter 25p per mile Qualifying passenger 5p per mile Motorcycles 24p per mile Bicycles 20p per mile

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November 1, 2021

Vans – For Private Use


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22/23 21/22 Zero emission: chargeable amount Nil Nil Other vans: chargeable amount £3,600 £3,500 Fuel: chargeable amount £688 £669

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November 1, 2021

Car Benefits


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Taxable amount based on original list price and CO2 emissions in g/km. Zero emission cars 2% Petrol and diesel hybrids with CO2 emissions 1–50g/km   Range – electric-only miles  < 30 30–39 40–69 70–129 

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November 1, 2021

Value Added Tax


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Standard rate 20% Domestic fuel 5% Since 1/4/17: Registration level £85,000 Deregistration £83,000 Flat rate scheme turnover limit £150,000 Cash and annual accounting schemes turnover limit £1,350,000

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November 1, 2021

Corporation Tax


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Years to 31/3/23 and 31/3/22 Profits:                        19% Diverted profits:            25% Loans to participators Made

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November 1, 2021

Stamp Duties and Property Transaction Taxes


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Stamp Duty and SDRT: Stocks and marketable securities                                         0.5% Additional residential and

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November 1, 2021

Inheritance Tax


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22/23 21/22 Nil-rate band* £325,000 £325,000 Residence nil-rate band*† £175,000 £175,000 Rate of tax on excess 40% 40% Rate if at least 10% of net estate left to charity 36%

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November 1, 2021

Capital Gains Tax


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Tax Rates – Individuals  22/23 21/22 Below UK higher rate income tax band 10% 10% Within UK higher and additional rate income tax bands 20% 20% Tax rate – Trusts

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November 1, 2021

National Insurance Contributions


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Class 1 Employee Employer NICs rate 13.25% 15.05% No NICs for employees generally on the first £190 pw £175 pw No NICs* for:         younger/veteran employees on first      

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November 1, 2021

Tax Incentivised Investments


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22/23 21/22 Total Individual Savings Account (ISA) limit, excluding Junior ISAs (JISAs) £20,000 £20,000 Lifetime ISA £4,000 £4,000 JISA and Child Trust Fund £9,000 £9,000 Venture Capital Trust (VCT) at 30%

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November 1, 2021

Registered Pensions


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22/23 21/22 Lifetime allowance £1,073,100 £1,073,100 Money purchase annual allowance £4,000 £4,000 Annual allowance* £40,000 £40,000 Annual allowance charge on excess is at applicable tax rate(s) on earnings Lifetime allowance

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