Budget 2021: Individuals face tax rises via the back door
There are small increases in the personal allowance and basic rate thresholds for the new tax year to 5 April 2022 but after this they remain frozen until 5 April 2026. This results in an annual tax saving of £14 for a basic rate taxpayer £68 if you pay higher rate tax.
Rishi Sunak confirmed that the capital gains tax annual exemption, inheritance nil rate band and pension savings allowance will remain frozen until 5 April 2024.
A summary of the thresholds for the next year are listed below:
Find out more
Visit our Budget 2021 hub for our latest commentary and to pre-order our exclusive Budget Summary and Tax Card.