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Budget 2021 - Personal Allowances & National Insurance

3/3/2021

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Photo by Kelly Sikkema on Unsplash
The point at which people will pay income increases slightly at £12,570 for 2021/22 and remains frozen until 2026. 

​Spouses and civil partners may transfer £1,257 of their personal allowance to each other.

The point at which people pay higher rate tax again increases to £50,270 for 2021/22.  National Insurance will kick in at £9,568.

Confusingly, the child benefit threshold continues at £50,000.

Class 2 National Insurance (at £3.05 a week) will continue to be collected as part of the Self Assessment process and is unchanged.  Surprisingly the budget was silent on other areas of personal tax apart from freezing allowances.
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