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

https://www.gov.uk/government/topical-events/budget-2021

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