Budget Announcement 2021 UK
Disclaimer: This information is only for general advice you should always check up to date below link:
https://www.gov.uk/government/news/budget-2021-what-you-need-to-know
Corporation Tax
| Corporation Tax | |||
| 2020/21 | 2023/24 | Change | |
| Corporation Tax <£50K Profit | 19% | 19% | 0% |
| Corporation Tax >£50K to £ 250K Profit | 19% | Taper | Varied |
| Corporation Tax >£250KProfit | 19% | 25% | 6% |
Income Tax
| Income Tax | 2020/21 | 2021/22 | Change |
| Personal Allowance | £12,500 | £12,500 | 0% |
| Basic rate Band @20% | £37,500 | £37,500 | 0% |
| Higher Rate Band @40% | £100,000 | £100,000 | 0% |
| Additional Band Rate @45% | £150,000 | £150,000 | 0% |
Inheritance Tax
| Inheritance Tax | 2020/21 | 2021/22 | Change |
| IHT Lifetime Allowance | 0% £325K | 0% £325K | 0% |
| IHT Tax | 40% | 40% | 0% |
Stamp Duty
| Stamp Duty Land Tax -Holiday Period | |||
| End 1st April 2021 0% to £500K | Extended 30th June 2021 0% to £500K | 1st July 2021 to 30th Sept 2021 0% to £250K | Resume 1st Oct 2021 0% to 125K |
