2020/21 Tax Rates and Allowances
This page contains all of the personal income tax changes which were published on the gov.uk site on Fri 28 Feb 2020. These rates come into effect at the start of the new tax year, on April 6th 2020.
What time are announcements due?
Rishi Sunak's budget will be live from 12.30 today, March 3rd.
What do we already know?
Ahead of today's budget, Mr Sunak has announced the following
- Extension to the Furlough scheme until September, with the State's contribution reducing gradually from July
- A fourth SEISS will be opened in April and will be available to more newly self-employed than the previous scheme, as the government is widening it's eligibility criteria.
- A new self-employed grant to be announced, details not given yet
- More money for the vaccine rollout
- £5bn scheme to help struggling High Street businesses reopen
- A new mortgage guarantee scheme will help first time home buyers purchase properties up to £600,000 with a deposit of just 5%
- £150m pot to help communities take over local pubs at threat of closure.
- Small businesses to be offered free management training to help them boost productivity
- Discounted software to help small businesses enhance productivity
- £300m support package for sport
- £400m for the Arts and an extra £300m into the £1.57bn Culture Recovery Fund. England's museums and cultural bodies also receiving £90m to keep them afloat going until they can re-open
- an extra £126m into the traineeship scheme
The bad news.....
Having to pay for all these financial supports is going to place a huge burden on the UK. So expect to hear news on tax hikes, but any changes will have to take into account the Conservative party manifesto pledge not to raise income tax, national insurance or VAT. So Corporation Tax and other personal taxes or tax free allowances may change today.
For real time updates, check out our Twitter feed
Personal Tax
2019/2020 Tax Rates and Allowances
This page contains all of the personal income tax changes which were announced at the October 29th, 2018 Budget. These rates come into effect at the start of the new tax year, on April 6th 2019.
2018/2019 Tax Rates and Allowances
We have published a quick reference to the significant changes to the tax rates and bands, personal tax allowances and national insurance figures which come into effect from April 6th 2018.