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The Budget - 3 March 2021 - Taxes Practical

including Budgets
PinkDalek
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The Budget - 3 March 2021 - Taxes Practical

#391811

Postby PinkDalek » March 3rd, 2021, 12:35 pm

This is an attempt at restricting this discussion to what is announced, for future reference.

Budget 2021

The Chancellor of the Exchequer will present his Budget to Parliament on Wednesday 3 March 2021.


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

I believe the live version will be broadcast here very soon https://www.bbc.co.uk/news/live/uk-politics-56252586.

The Budget 2021 Documents and related TIINs should be available soon after the Chancellor is seated and I hope someone can link to them here when they are available.

swill453
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Re: The Budget - 3 March 2021 - Taxes Practical

#391812

Postby swill453 » March 3rd, 2021, 12:36 pm

PinkDalek wrote:This is an attempt at restricting this discussion to what is announced, for future reference.

Of course there may be nothing about tax, so this could be a short thread :-)

Scott.

PinkDalek
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Re: The Budget - 3 March 2021 - Taxes Practical

#391815

Postby PinkDalek » March 3rd, 2021, 1:03 pm

"Personal tax thresholds to be frozen". Increasing wef 2022/23.

IHT thresholds also to be as is for the time-being.

FY 2023 CT rates increase to 25%. No mention of smaller companies so far.

Edit: Smaller companies up to £50,000 CT at 19%. Taper up to £250,000. Trading losses can be carried back for up to two years.
Last edited by PinkDalek on March 3rd, 2021, 1:11 pm, edited 3 times in total.

swill453
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Re: The Budget - 3 March 2021 - Taxes Practical

#391816

Postby swill453 » March 3rd, 2021, 1:06 pm

Pension Lifetime Allowance frozen, which is a significant change affecting some.

Scott.

PinkDalek
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Re: The Budget - 3 March 2021 - Taxes Practical

#391821

Postby PinkDalek » March 3rd, 2021, 1:31 pm

Income tax and National Insurance contributions

The government will maintain the income tax Personal Allowance and higher rate threshold and National Insurance contributions Upper Earnings Limit and Upper Profits Limit at their 2021-2022 levels up to and including 2025-2026. ...


https://www.gov.uk/guidance/income-tax-and-national-insurance-contributions

JohnB
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Re: The Budget - 3 March 2021 - Taxes Practical

#391823

Postby JohnB » March 3rd, 2021, 1:31 pm


PinkDalek
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Re: The Budget - 3 March 2021 - Taxes Practical

#391826

Postby PinkDalek » March 3rd, 2021, 1:34 pm

Corporate tax

Corporate tax rates and small profits thresholds from 2023. ...

https://www.gov.uk/guidance/corporate-tax

Detail of proposed taper not seen on the page. Other than:

Lower threshold £50,000
Upper threshold £250,000

PinkDalek
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Re: The Budget - 3 March 2021 - Taxes Practical

#391827

Postby PinkDalek » March 3rd, 2021, 1:36 pm

JohnB wrote:Treasury Budget 2021 page https://www.gov.uk/government/publicati ... -2021-html


Thanks. I'm out of time to look for the TIINs. Do you have a link?

Edit: Found them! https://www.gov.uk/government/collections/budget-2021-tax-related-documents#tax-information-and-impact-notes
Last edited by PinkDalek on March 3rd, 2021, 1:38 pm, edited 1 time in total.

JohnB
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Re: The Budget - 3 March 2021 - Taxes Practical

#391828

Postby JohnB » March 3rd, 2021, 1:38 pm

Capital gains allowance fixed at £12300 to 2026

TINNs???

chas49
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Re: The Budget - 3 March 2021 - Taxes Practical

#391829

Postby chas49 » March 3rd, 2021, 1:44 pm

JohnB wrote:TINNs???


Tax information and impact notes

Arborbridge
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Re: The Budget - 3 March 2021 - Taxes Practical

#391840

Postby Arborbridge » March 3rd, 2021, 2:55 pm

chas49 wrote:
JohnB wrote:TINNs???


Tax information and impact notes


Thanks for explaining. Another of those acronyms that appear fully formed in mid conversation without ever having been defined or in common usage here (or anywhere?)

It's like there's secret language people invent all of their own just to feel superior.

Arb.

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Re: The Budget - 3 March 2021 - Taxes Practical

#391841

Postby Snorvey » March 3rd, 2021, 2:59 pm

Shouldn't it be TIINs then?

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Re: The Budget - 3 March 2021 - Taxes Practical

#391844

Postby Adamski » March 3rd, 2021, 3:06 pm

This all sounds like good news to me. Had been speculation of higher taxes - effecting us investors - which have not materialised this time.

Bit concerned that Boris and Rishi are too relaxed about using the magic money tree, and the consequences of this spending spree.

fisher
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Re: The Budget - 3 March 2021 - Taxes Practical

#391846

Postby fisher » March 3rd, 2021, 3:07 pm

Pensions Lifetime Allowance – The government will maintain the Lifetime Allowance at its current level of £1,073,100 until April 2026.

Starting rate for savings tax band – The band of savings income that is subject to the 0% starting tax rate will remain at its current level of £5,000 for 2021-22.

Individual Savings Account (ISA) annual subscription limit – The adult ISA annual subscription limit for 2021-22 will remain unchanged at £20,000.

Junior ISA and Child Trust Fund annual subscription limit – The annual subscription limit for Junior ISAs and Child Trust Funds for 2021-22 will remain unchanged at £9,000
.

No mention of the Dividend Allowance

fisher
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Re: The Budget - 3 March 2021 - Taxes Practical

#391848

Postby fisher » March 3rd, 2021, 3:10 pm

Adamski wrote:This all sounds like good news to me. Had been speculation of higher taxes - effecting us investors - which have not materialised this time.

Bit concerned that Boris and Rishi are too relaxed about using the magic money tree, and the consequences of this spending spree.


There are "stealth taxes" in the freeze of personal allowances, higher rate income tax band, pension LTA, inheritance taxes etc. Also a big jump in Corporation Tax in 2023.

chas49
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Re: The Budget - 3 March 2021 - Taxes Practical

#391853

Postby chas49 » March 3rd, 2021, 3:21 pm

Snorvey wrote:Shouldn't it be TIINs then?


(a little off-topic)
It is - and that's what PD said. It got mangled slightly when JohnB asked what it meant :)

Snorvey
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Re: The Budget - 3 March 2021 - Taxes Practical

#391856

Postby Snorvey » March 3rd, 2021, 3:30 pm

Also a big jump in Corporation Tax in 2023.

It'll never happen. Too close to an election year. They come out with some BS closer to the time along the lines of 'and because of our prudent management of the economy blah blah blah blah'

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Re: The Budget - 3 March 2021 - Taxes Practical

#391859

Postby billyfreezer » March 3rd, 2021, 3:34 pm

March 23rd is the key day for CGT announcements or property tax or wealth tax...etc
No idea why it's separate from the Budget, but it is.

JohnB
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Re: The Budget - 3 March 2021 - Taxes Practical

#391862

Postby JohnB » March 3rd, 2021, 3:43 pm

https://www.gov.uk/government/news/gove ... n-23-march

None of the announcements will require legislation in the next Finance Bill or have an impact on the government’s finances.


They are consultations that will lead to future tax changes I guess.

bluedonkey
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Re: The Budget - 3 March 2021 - Taxes Practical

#391890

Postby bluedonkey » March 3rd, 2021, 4:33 pm

Arborbridge wrote:
chas49 wrote:
JohnB wrote:TINNs???


Tax information and impact notes


Thanks for explaining. Another of those acronyms that appear fully formed in mid conversation without ever having been defined or in common usage here (or anywhere?)

It's like there's secret language people invent all of their own just to feel superior.

Arb.

Sadly, it's more a case of having had to gen up on the technical consequences of Budget announcements for too many years!


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