If there’s one thing to take away from the Spring Budget 2021, it’s taking charge of your personal finances. This is going to be increasingly important over the next five years.
So, what’s changing for the new tax year? Not much! But here’s a quick summary:
- Personal allowance increases from £12,500 to £12,570
- Basic rate band increases from £50,000 to £50,270
- Dividend allowance remains at £2,000
Capital gains tax
- Annual allowance remains at £12,300
- Business asset disposal relief lifetime limit remains at £1m (taxed at 10%)
Pensions and savings
- Annual pensions allowance remains at £40,000
- Pensions lifetime allowance remains at £1,073,100
- ISAs remain tax-free to the annual subscription value of £20,000
- Nil rate band remains at £325,000
- Marriage allowance increases to £1,260
For more details of the above allowances and changes read our article here.