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March 4, 2021

Value Added Tax


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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


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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


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

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March 4, 2021

Inheritance Tax


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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


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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


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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


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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


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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


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         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


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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


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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


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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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