 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.
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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