We are delighted to attach our Tax Tables for 2022/23, updated to include announcements made in the Autumn Budget and Spending Review on 27 October 2021.
Tax was not the showstopper on the day. When the Chancellor stood up to speak, he was much more focused on ways the government plans to spend, with a raft of costly investment measures to boost Britain’s economic recovery from the pandemic. But spending plans must be paid for.
Key changes for the forthcoming 2021/22 tax year include:
- The personal allowance will rise to £12,570 and the higher rate threshold will be £50,270 for 2021/22.
- In Scotland, the higher rate threshold for non-savings, non-dividend income will rise to £43,662 in 2021/22 as announced in the Scottish Budget.
- The NICs upper earnings limit and upper profits limit will remain aligned to the higher rate threshold at £50,270 for 2021/22
- The exemption from stamp duty land tax on the first £500,000 of residential property value will be extended to 30 June 2021 and then replaced by a £250,000 exemption until 30 September 2021.
- The capital gains tax annual exemption, inheritance tax rate nil rate bands and pensions lifetime allowance have been frozen.
- The ISA annual subscription limit for 2021/22 will remain at £20,000 and the corresponding limit for junior ISAs (JISAs) and child trust funds (CTFs) will stay at £9,000.
As always, the bdb team will assess the impact and opportunities of the budget on your Financial Plan. We are available to answer your questions should you have any.