Mar. 25, 2024
Budget
July 29, 2020
Vans – For Private Use
Categories:
20/21 19/20 Zero emission: chargeable amount £2,792 £2,058 Other vans: chargeable amount £3,490 £3,430 Fuel: chargeable amount £666 £655
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July 29, 2020
Car Benefits
Categories:
Taxable amount based on original list price and CO2 emissions in g/km. Zero emission cars no charge Petrol and diesel hybrids withCO2 emissions 1–50g/km Range – electric-only miles < 30
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July 29, 2020
Value Added Tax
Categories:
Standard rate 20% Reduced rate, e.g. on domestic fuel and from 15/7/20 – 12/1/21 on hospitality, holiday accommodation and attractions 5% Since 1/4/17: Registration level £85,000 Deregistration £83,000 Flat rate
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July 29, 2020
Corporation Tax
Categories:
Profits Diverted profits Loans to participators Years to 31/3/21 and 31/3/20 19% 25% 32.5%
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July 29, 2020
Stamp Duties and Property Transaction Taxes
Categories:
Stamp Duty and SDRT: Stocks and marketable securities 0.5% Additional residential and all corporate residential properties £40,000 or more – add 3% to SDLT/LTT rate(s) and 4% on LBTT rate(s)
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July 29, 2020
Inheritance Tax
Categories:
20/21 19/20 Nil-rate band* £325,000 £325,000 Residence nil-rate band*† £175,000 £150,000 Rate of tax on excess 40% 40% Rate if at least 10% of net estate left to charity
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July 29, 2020
Capital Gains Tax
Categories:
Tax Rates – Individuals 20/21 19/20 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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July 29, 2020
National Insurance Contributions
Categories:
Class 1 Employee Employer NICs rate 12% 13.8% No NICs for employees generally on the first £183 pw £169 pw No NICs for younger employees* on the first £183 pw
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July 28, 2020
Tax Incentivised Investment
Categories:
Total Individual Savings Account (ISA) 20/21 19/20 limit excluding Junior ISAs (JISAs) £20,000 £20,000 Lifetime ISA £4,000 £4,000 JISA and Child Trust Fund £9,000 £4,368 Venture Capital Trust (VCT) at
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July 28, 2020
State Pensions
Categories:
New state pension – where state pension age Annual Weekly reached after 5/4/16 £9,110.40 £175.20 Basic state pension – single person* £6,981.00 £134.25 Basic state pension – spouse/civil partner* £4,183.40
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July 28, 2020
Registered Pensions
Categories:
20/21 19/20 Lifetime allowance £1,073,100 £1,055,000 Money purchase annual allowance £4,000 £4,000 Annual allowance* £40,000 £40,000 *Reduced by £1 for every £2 of adjusted income over £240,000 (£150,000 for 19/20)
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July 28, 2020
Income Tax
Categories:
UK taxpayers excluding Scottish taxpayers’ non-dividend, non-savings income 20/21 19/20 20% basic rate on first slice of taxable income up to £37,500 £37,500 40% higher rate on next slice
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