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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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November 1, 2021

Income Tax


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Main personal allowances and reliefs 22/23 21/22 Personal allowance* £12,570 £12,570 Marriage/civil partner’s transferable allowance £1,260 £1,260 Married couple’s/civil partner’s allowance at 10%† – maximum (if at least one born before

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March 4, 2021

2021/22 Tax Calendar


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Make the payment on the previous working day where the due date falls on a weekend/bank holiday. Every month 19 Submit CIS contractors’ monthly return. 22 PAYE/NICs/CIS deductions paid electronically

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March 4, 2021

Main Due Dates for Tax Payments


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Income Tax, NICs and Capital Gains Tax – Self-Assessment 31 Jan in tax year Following 31 July Following 31 Jan } Normally 50% of previous year’s income tax (less tax

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March 4, 2021

Social Security Benefits


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Weekly rates and taxable unless stated otherwise. Employment and Support Allowance (contribution-based taxable) 13-week assessment phase Aged under 25:                      

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March 4, 2021

Main Capital and Other Allowances


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Plant & machinery (P&M) 100% annual investment allowance (1st year): 1/1/19–31/12/21 From 1/1/22 £1,000,000 £200,000 P&M super-deduction first year allowance (FYA) for companies from 1/4/21 130% Special rate P&M FYA

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March 4, 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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March 4, 2021

Vans – For Private Use


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21/22 20/21 Zero emission: chargeable amount Nil £2,792 Other vans: chargeable amount £3,500 £3,490 Fuel: chargeable amount £669 £666

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