Tax update 2021/22

by | Jul 5, 2021 | Tax updates

New tax year update: 2021/22

Only minor changes to income tax rates and thresholds.
• Corporation tax rate unchanged at 19%.
• No change to ISA allowance of £20k.
• New ‘super-deduction’ tax relief for businesses to reduce
their tax bill by 130% of what they spend on investment.
• Corporation tax losses can now be carried back for up to
three years.
• Coronavirus Job Retention Scheme to run until September
• Fourth and Fifth Self-Employment Income Support Grants
to be made available in April and August 2021.
• ‘Restart Grants’ to help businesses reopen when
lockdown restrictions ease, for businesses in retail,
hospitality and leisure sectors.
• Bounce-back loans and CBILS loan schemes replaced by
Govt backed ‘Recovery Loan Scheme’.
• Apprentice hiring incentive extended to September 2021
with £3k grants available.
• Stamp duty holiday for first £500k of purchase price to
continue until end of June, and reduce to first £250k of
purchase price until 30th September 2021.
• Mortgage Guarantee Scheme provides guarantee to
lenders offering mortgages to borrowers with just 5%
deposit on homes worth less than £600k.
• Annual pension contribution limit stays at £40k.
• Pension contribution allowances are tapered for higher
earners, with income between £240k and £312k, reducing
to £4k with income above £312k.



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