Apr. 15, 2024
Budget
March 4, 2021
Value Added Tax
Categories:
Standard rate 20% Domestic fuel 5% Reduced rate on hospitality, holiday accommodation and attractions: 15/7/20–30/9/21: 1/10/21–31/3/22: 5% 12½% Since 1/4/17: Registration level £85,000 Deregistration £83,000 Flat rate scheme turnover
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March 4, 2021
Corporation Tax
Categories:
Profits Diverted profits Loans to participators Years to 31/3/22 and 31/3/21 19% 25% 32.5%
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March 4, 2021
Stamp Duties and Property Transaction Taxes
Categories:
Stamp Duty and SDRT: Stocks and marketable securities 0.5% Additional residential
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March 4, 2021
Inheritance Tax
Categories:
21/22 20/21 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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March 4, 2021
Capital Gains Tax
Categories:
Tax Rates – Individuals 21/22 20/21 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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March 4, 2021
National Insurance Contributions
Categories:
Class 1 Employee Employer NICs rate 12% 13.8% No NICs for employees generally on the first £184 pw £170 pw No NICs for younger/veteran employees* on the first £184 pw
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March 4, 2021
Tax Incentivised Investments
Categories:
21/22 20/21 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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March 4, 2021
State Pensions
Categories:
Annual Weekly New state pension – where state pension age reached after 5/4/16 £9,339.20 £179.60 Basic state pension – single person* £7,155.20 £137.60 Basic state pension – spouse/civil partner* £4,287.40
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March 4, 2021
Registered Pensions
Categories:
21/22 20/21 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
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March 4, 2021
Income Tax
Categories:
Main personal allowances and reliefs 21/22 20/21 Personal allowance* £12,570 £12,500 Marriage/civil partner’s transferable allowance £1,260 £1,250 Married couple’s/civil partner’s allowance at 10%† – maximum (if at least one born before
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July 29, 2020
Main Capital and Other Allowances
Categories:
Plant and machinery 100% annual investment allowance (1st year) 1/1/19 to 31/12/20 £1,000,000 From 1/1/21 £200,000 Enterprise zone plant and machinery (max €125m per project) 100% Plant and machinery* 18%
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July 29, 2020
Tax-Free Business Mileage Allowance – Own Vehicle
Categories:
Cars and vans first 10,000 miles 45p per mile then 25p per mile Qualifying passenger 5p per mile Motorcycles 24p per mile Bicycles 20p per mile
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