Autumn Budget 2021 – Capital Taxes Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains, ... Read More
Autumn Budget 2021 – Employment National Insurance Contributions (NICs) In September 2021 the government published its proposals for new investment in health and social care in England. The proposals will lead to a permanent increase in spending not only in England but also by the devolved governments. To fund the investment the government will introduce a ... Read More
Autumn Budget 2021 – Personal Tax The personal allowance The personal allowance is currently £12,570. The Chancellor announced in the March 2021 Budget that the personal allowance will be frozen at £12,570 for the tax years 2022/23 to 2025/26. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000. ... Read More
Autumn Budget 2021 – Other Matters Tonnage Tax The UK’s tonnage tax regime will be reformed from April 2022 to help the UK shipping industry grow and compete in the global market. The reform is intended to make it easier for shipping companies to move to the UK, ensure they are not disadvantaged compared with ... Read More
Budget 2021 Review- Introduction The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’. Main Budget proposals Tax measures include: a super-deduction for companies investing in new plant ... Read More
Table of contents on this page Coronavirus loan schemes Restart Grants Self-Employment Income Support Scheme (SEISS) Business rates Rates review Reduced VAT rate for hospitality sector Corporation tax rates Tax losses Super-deduction First year allowances for business cars from April 2021 Freeports Customs benefits Tax benefits Research and Development (R&D) tax relief Budget 2021 Review ... Read More
Table of contents on this page The Coronavirus Job Retention Scheme (JRS) Further extension of JRS Apprenticeships and traineeships High quality traineeships for young people Payments for employers who hire new apprentices Supporting apprenticeships across different employers National Living Wage (NLW) and National Minimum Wage (NMW) Enterprise Management Incentives (EMI) scheme Van benefit charge nil-rating ... Read More
Budget 2021 Review – Personal Tax Table of contents on this page The personal allowance The marriage allowance Tax bands and rates Scottish residents Welsh residents Tax on savings income Tax on dividends Universal Credit Working Tax Credit Mortgage guarantee scheme Green National Savings and Investment (NS&I) product Venture Capital Schemes: extension of the Social ... Read More
Budget 2021 Review – Capital Taxes Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced at Budget 2021. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply ... Read More
Table of contents on this page Land and buildings transaction taxes Budget announcement Wales – Land Transaction Tax SDLT surcharge Plastic Packaging Tax Van Vehicle Excise Duty (VED) Reform of penalties for late submission and late payment of tax Contactless payment card limit Budget 2021 Review – Other Matters Land and buildings transaction taxes Land ... Read More
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