TAXFAX 202122

Private ClientsAllowances amp Reliefs 4

Individuals - Income Tax Rates amp Bands 5

Trusts - Income Tax Rates 6

Pension Contribution Reliefs 6

Capital Gains Tax (CGT) 7

Inheritance Tax (IHT) 8

Individual Savings Accounts (ISAs) 10

Corporation Tax 11

Research amp Development (RampD) Tax Credits 11

Capital Allowances 12

Value Added Tax (VAT) 13

Stamp Duty Land Tax (SDLT) 14

Annual Tax on Enveloped Dwellings (ATED) 18

Tax Free Mileage Rates 19

COVID-19 Tax Reliefs 19

National Insurance Contributions (NICs) 20

Employer NICs amp Freeports 21

TAXFAX 202122

Corporate amp Business

Property

Employment

Private ClientsAllowances amp Reliefs 4

Individuals - Income Tax Rates amp Bands 5

Trusts - Income Tax Rates 6

Pension Contribution Reliefs 6

Capital Gains Tax (CGT) 7

Inheritance Tax (IHT) 8

Individual Savings Accounts (ISAs) 10

Corporation Tax 11

Research amp Development (RampD) Tax Credits 11

Capital Allowances 12

Value Added Tax (VAT) 13

Stamp Duty Land Tax (SDLT) 14

Annual Tax on Enveloped Dwellings (ATED) 18

Tax Free Mileage Rates 19

COVID-19 Tax Reliefs 19

National Insurance Contributions (NICs) 20

Employer NICs amp Freeports 21

TAXFAX 202122

Corporate amp Business

Property

Employment

Allowances amp Reliefs

202122 202021 Notes

Personal allowance pound12570 pound12500 i ii iii

10 of the personal allowance can be

transferred between spousescivil partners where neither is a higher rate tax payer

ii

Blind personrsquos allowance pound2520 pound2500

Marriedcivil partnerrsquos allowance

At least one partner born before 6 April 1935 pound9125 pound9075 ii iv

Minimum marriedcivil partnerrsquos allowance pound3530 pound3510 ii iv

Savings allowance for basic rate taxpayer pound1000 pound1000

Savings allowance for higher rate taxpayer pound500 pound500

Dividend allowance pound2000 pound2000

Rent-a-room maximum pound7500 pound7500

High income child benefit charge threshold pound50000 pound50000 v

Micro-entrepreneurs allowances

Trading income pound1000 pound1000

Property income pound1000 pound1000

Notes i Reduced by pound1 for every pound2 of income over pound100000 ii Non-residents may not be entitled to personal allowances in certain circumstances iii The personal allowance will be frozen until 5 April 2026 iv Available to persons born before 6 April 1935 - Reliefs for this allowance given at 10 - Reduced to the minimum allowance by pound1 for every pound2 of income over pound30400 (pound30200 in 202021) v Charge of 1 of the benefit per pound100 of adjusted net income over pound50000 100 of the benefit withdrawn when adjusted net income reaches pound60000

4 TAXFAX 202122

Bands 202122 202021

Starting rate limit pound5000 pound5000

Basic rate band pound1 - pound37700 pound1 - pound37500

Higher rate band pound37701 - pound150000 pound37501 - pound150000

Additional rate band Over pound150000 Over pound150000

Individuals - Tax Rates amp Bands

Rates 202122 202021

Basic rate 20 20

Higher rate 40 40

Additional rate 45 45

Starting rate for savings income 0 0

Dividend ordinary rate 75 75

Dividend upper rate 325 325

Dividend additional rate 381 381

TAXFAX 202122 5

Applicable to savings

Trusts - Income Tax Rates amp Bands

202122 202021 Notes

Lifetime allowance pound1073100 pound1073100 i ii

Annual allowance pound40000 pound40000 iii ivv

Money purchase annual allowance pound4000 pound4000

Notes i Subject to any registration of protected pension funds aggregate retirement benefits in excess of the lifetime allowance may be subject to the lifetime allowance charge of 55 of the surplus benefit ii The lifetime allowance is frozen until 5 April 2026 iii Personal contributions cannot exceed 100 of earnings or when aggregated with employer contributions the annual allowance plus unused allowances carried forward from the previous three years iv Maximum annual allowance pound40000 reduced by pound1 for every pound2 of ldquoadjusted incomerdquo over pound240000 to a minimum of pound4000 v Up to pound3600 pa gross can be paid into pensions irrespective of earnings to age 75

Pension Contribution Reliefs

202122 202021

Dividends Other Dividends Other

Interest in possession trusts and up to pound1000 for discretionary and accumulation and maintenance trusts

75 20 75 20

On income for non-interest in possession trusts over pound1000

381 45 381 45

Notes Trusts where the settlor or spousecivil partner retains an interest are taxed as the income of the settlor Trusts for the vulnerable can be taxed at the beneficiarys rate of tax

6 TAXFAX 202122

Capital Gains Tax (CGT)

Rates for individuals and trusts 202122 202021 Notes

Basic and standard rate taxpayers 10 10

Higher and additional rate taxpayers 20 20

Trusts and personal representatives 20 20

Gains qualifying for Business Asset

Disposal Relief

10 10

Gains qualifying for Investorsrsquo Relief 10 10

Gains on residential property 28 28 i

Gains on carried interest 28 28 i

Exemptions and reliefs

Annual exemption

202122 202021 Notes

Individuals pound12300 pound12300 ii

Trusts pound6150 pound6150 ii

Business Asset Disposal Relief pound1m pound1m

Investors Relief pound10m pound10m

Non-UK resident individuals are subject to CGT on direct and indirect disposals of UK real estate

Notes i To the extent that the basic rate band is unused a CGT rate of 18 will apply ii The annual exemptions are frozen until 5 April 2026

TAXFAX 202122 7

Inheritance Tax (IHT)

Rates and bands

On death

202122 202021 Notes

Nil rate band pound1 - pound325000 0 0 i

Over pound325000 40 40 ii

Residence nil rate band pound175000 pound175000 iiii

Main exemptionsreliefs

Spousecivil partner ndash both UK domiciled (or transferor non-domiciled) Unlimited

Gift from UK domiciled to non-UK domiciled spousecivil partner (An election is available for the non-UK domiciled spousecivil partner to be treated as UK domiciled for IHT purposes)

pound325000

Total annual gifts per donor pound3000

Small gifts per donee not exceeding pound250

Marriagecivil partnership gifts by - parent pound5000

- other relative pound2500

- other pound1000

Regular gifts out of surplus income Unlimited

UK charities plus those in the EU Norway and Iceland and unlimited political parties in the UK Unlimited

Business and agricultural property relief can be available at 50 or 100 on qualifying business or agricultural property

8 TAXFAX 202122

Notes i Nil rate band for estate of surviving spousecivil partner is increased by the percentage of the nil rate band unutilised by the predeceased spousecivil partner ii Tax rate reduces to 36 when at least 10 of net chargeable estate is left to charity iii Reduced by pound1 for every pound2 of the net value of the deceasedrsquos estate over pound2m iv The nil rate band and residence nil rate band will be frozen until 5 April 2026

Years 0-3 3-4 4-5 5-6 6-7 Over 7

Taper relief 0 20 40 60 80 100

Effective rate of IHT 40 32 24 16 8 0

TAXFAX 202122 9

Lifetime gifts to an individual are initially not chargeable and are fully exempt after seven years Gifts to relevant property trusts will be taxable at 20 on the excess over available nil rate band

Death within seven years of lifetime gifts ndash tax on value gifted is payable at death rates subject to taper relief

10 TAXFAX 202122

202122 202021 Notes

Cash shares and innovative finance combined limit

pound20000 pound20000

Junior ISA pound9000 pound9000 i

Help to buy ISA pound2400 pound2400 iiiii

Lifetime ISA pound4000 pound4000 iiiiv

Notes i Available to children not entitled to a Child Trust Fund ii First time buyers over 16 iii A 25 bonus from the Government is available iv Available to individuals over 18 but under 40 to save for their first home or retirement but counts as part of the pound20000 ISA limit

Individual Savings Accounts (ISAs)

202122 202021 Notes

Corporation Tax - all profits and gains 19 19 i

Patent box effective rate 10 10 ii

Notes i Includes gains on UK property and profits from UK property businesses realised by non-UK resident companies ii Applies to profits from qualifying patents derived from qualifying activities of the company iii From 202324 the main rate will be 25 A small profits rate of 19 will apply to profits up to pound50000 The effective rate will increase from 19 to 25 on profits between pound50000 and pound250000

202122 202021

SME enhanced deduction 130 130

SME cash credit for surrendered RampD losses 145 145

Large company above the line credit 13 13

TAXFAX 202122 11

Corporation Tax

Research amp Development (RampD) Tax Credits

Plant and machinery 202122 202021 Notes

Annual investment allowance 100 100 i

Structures and buildings 3 3 ii

Long life assets (at least 25 years) and integral features 6 6

Other plant and machinery assets 18 18

First year allowances - plant and machinery 130 na iii

First year allowances - long life assets and integral features

50 na iii

First year allowances - RampD designated Freeport sites zero-emission goods vehicles

100 100 iv

Intangible assets

Goodwill and customer related intangibles 65 65

Other intangible assets 4 4 v

Notes i Allowance of pound1m pa for expenditure incurred on or before 31 December 2021 allowance will then reduce to pound200000 pa ii Flat rate allowance applicable to non-residential structures and buildings Where building located within a Freeport site 10 rate will apply iii First year allowances available for expenditure incurred during 202122 and 202223 tax years only iv FYAs for expenditure incurred in Enterprise Zones abolished from 2021 22 onwards v Excludes purchased goodwill and customer related intangible assets acquired after 8 July 2015 Tax deductions for accounting depreciation may be claimed instead

Capital Allowances

12 TAXFAX 202122

Cars CO2 emissions (gkm)

202122 202021

50 or less 100 100

51-110 18 18

Over 110 8 8

202122 202021

Standard rate 20 20

Reduced rate 5 5

VAT registration thresholds

Registration required If UK taxable turnover is

UK established businesses More than pound85000 pa

Non-UK established businesses Any amount

Deregistration is possible Less than pound83000 pa

Other VAT schemes

Eligible to use Cash Accounting Scheme Less than pound1350000 pa

Eligible to use Annual Accounting Scheme Less than pound1350000 pa

Eligible to use Flat Rate Scheme Less than pound150000 pa

Value Added Tax (VAT)

TAXFAX 202122 13

Temporary reduced rate for hospitality and tourism sector

from 15 July 2020 to 30 September

2021

5

from 1 October 2021 to 31 March

2022

125

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

Bands 202122 202021

Starting rate limit pound5000 pound5000

Basic rate band pound1 - pound37700 pound1 - pound37500

Higher rate band pound37701 - pound150000 pound37501 - pound150000

Additional rate band Over pound150000 Over pound150000

Individuals - Tax Rates amp Bands

Rates 202122 202021

Basic rate 20 20

Higher rate 40 40

Additional rate 45 45

Starting rate for savings income 0 0

Dividend ordinary rate 75 75

Dividend upper rate 325 325

Dividend additional rate 381 381

TAXFAX 202122 5

Applicable to savings

Trusts - Income Tax Rates amp Bands

202122 202021 Notes

Lifetime allowance pound1073100 pound1073100 i ii

Annual allowance pound40000 pound40000 iii ivv

Money purchase annual allowance pound4000 pound4000

Notes i Subject to any registration of protected pension funds aggregate retirement benefits in excess of the lifetime allowance may be subject to the lifetime allowance charge of 55 of the surplus benefit ii The lifetime allowance is frozen until 5 April 2026 iii Personal contributions cannot exceed 100 of earnings or when aggregated with employer contributions the annual allowance plus unused allowances carried forward from the previous three years iv Maximum annual allowance pound40000 reduced by pound1 for every pound2 of ldquoadjusted incomerdquo over pound240000 to a minimum of pound4000 v Up to pound3600 pa gross can be paid into pensions irrespective of earnings to age 75

Pension Contribution Reliefs

202122 202021

Dividends Other Dividends Other

Interest in possession trusts and up to pound1000 for discretionary and accumulation and maintenance trusts

75 20 75 20

On income for non-interest in possession trusts over pound1000

381 45 381 45

Notes Trusts where the settlor or spousecivil partner retains an interest are taxed as the income of the settlor Trusts for the vulnerable can be taxed at the beneficiarys rate of tax

6 TAXFAX 202122

Capital Gains Tax (CGT)

Rates for individuals and trusts 202122 202021 Notes

Basic and standard rate taxpayers 10 10

Higher and additional rate taxpayers 20 20

Trusts and personal representatives 20 20

Gains qualifying for Business Asset

Disposal Relief

10 10

Gains qualifying for Investorsrsquo Relief 10 10

Gains on residential property 28 28 i

Gains on carried interest 28 28 i

Exemptions and reliefs

Annual exemption

202122 202021 Notes

Individuals pound12300 pound12300 ii

Trusts pound6150 pound6150 ii

Business Asset Disposal Relief pound1m pound1m

Investors Relief pound10m pound10m

Non-UK resident individuals are subject to CGT on direct and indirect disposals of UK real estate

Notes i To the extent that the basic rate band is unused a CGT rate of 18 will apply ii The annual exemptions are frozen until 5 April 2026

TAXFAX 202122 7

Inheritance Tax (IHT)

Rates and bands

On death

202122 202021 Notes

Nil rate band pound1 - pound325000 0 0 i

Over pound325000 40 40 ii

Residence nil rate band pound175000 pound175000 iiii

Main exemptionsreliefs

Spousecivil partner ndash both UK domiciled (or transferor non-domiciled) Unlimited

Gift from UK domiciled to non-UK domiciled spousecivil partner (An election is available for the non-UK domiciled spousecivil partner to be treated as UK domiciled for IHT purposes)

pound325000

Total annual gifts per donor pound3000

Small gifts per donee not exceeding pound250

Marriagecivil partnership gifts by - parent pound5000

- other relative pound2500

- other pound1000

Regular gifts out of surplus income Unlimited

UK charities plus those in the EU Norway and Iceland and unlimited political parties in the UK Unlimited

Business and agricultural property relief can be available at 50 or 100 on qualifying business or agricultural property

8 TAXFAX 202122

Notes i Nil rate band for estate of surviving spousecivil partner is increased by the percentage of the nil rate band unutilised by the predeceased spousecivil partner ii Tax rate reduces to 36 when at least 10 of net chargeable estate is left to charity iii Reduced by pound1 for every pound2 of the net value of the deceasedrsquos estate over pound2m iv The nil rate band and residence nil rate band will be frozen until 5 April 2026

Years 0-3 3-4 4-5 5-6 6-7 Over 7

Taper relief 0 20 40 60 80 100

Effective rate of IHT 40 32 24 16 8 0

TAXFAX 202122 9

Lifetime gifts to an individual are initially not chargeable and are fully exempt after seven years Gifts to relevant property trusts will be taxable at 20 on the excess over available nil rate band

Death within seven years of lifetime gifts ndash tax on value gifted is payable at death rates subject to taper relief

10 TAXFAX 202122

202122 202021 Notes

Cash shares and innovative finance combined limit

pound20000 pound20000

Junior ISA pound9000 pound9000 i

Help to buy ISA pound2400 pound2400 iiiii

Lifetime ISA pound4000 pound4000 iiiiv

Notes i Available to children not entitled to a Child Trust Fund ii First time buyers over 16 iii A 25 bonus from the Government is available iv Available to individuals over 18 but under 40 to save for their first home or retirement but counts as part of the pound20000 ISA limit

Individual Savings Accounts (ISAs)

202122 202021 Notes

Corporation Tax - all profits and gains 19 19 i

Patent box effective rate 10 10 ii

Notes i Includes gains on UK property and profits from UK property businesses realised by non-UK resident companies ii Applies to profits from qualifying patents derived from qualifying activities of the company iii From 202324 the main rate will be 25 A small profits rate of 19 will apply to profits up to pound50000 The effective rate will increase from 19 to 25 on profits between pound50000 and pound250000

202122 202021

SME enhanced deduction 130 130

SME cash credit for surrendered RampD losses 145 145

Large company above the line credit 13 13

TAXFAX 202122 11

Corporation Tax

Research amp Development (RampD) Tax Credits

Plant and machinery 202122 202021 Notes

Annual investment allowance 100 100 i

Structures and buildings 3 3 ii

Long life assets (at least 25 years) and integral features 6 6

Other plant and machinery assets 18 18

First year allowances - plant and machinery 130 na iii

First year allowances - long life assets and integral features

50 na iii

First year allowances - RampD designated Freeport sites zero-emission goods vehicles

100 100 iv

Intangible assets

Goodwill and customer related intangibles 65 65

Other intangible assets 4 4 v

Notes i Allowance of pound1m pa for expenditure incurred on or before 31 December 2021 allowance will then reduce to pound200000 pa ii Flat rate allowance applicable to non-residential structures and buildings Where building located within a Freeport site 10 rate will apply iii First year allowances available for expenditure incurred during 202122 and 202223 tax years only iv FYAs for expenditure incurred in Enterprise Zones abolished from 2021 22 onwards v Excludes purchased goodwill and customer related intangible assets acquired after 8 July 2015 Tax deductions for accounting depreciation may be claimed instead

Capital Allowances

12 TAXFAX 202122

Cars CO2 emissions (gkm)

202122 202021

50 or less 100 100

51-110 18 18

Over 110 8 8

202122 202021

Standard rate 20 20

Reduced rate 5 5

VAT registration thresholds

Registration required If UK taxable turnover is

UK established businesses More than pound85000 pa

Non-UK established businesses Any amount

Deregistration is possible Less than pound83000 pa

Other VAT schemes

Eligible to use Cash Accounting Scheme Less than pound1350000 pa

Eligible to use Annual Accounting Scheme Less than pound1350000 pa

Eligible to use Flat Rate Scheme Less than pound150000 pa

Value Added Tax (VAT)

TAXFAX 202122 13

Temporary reduced rate for hospitality and tourism sector

from 15 July 2020 to 30 September

2021

5

from 1 October 2021 to 31 March

2022

125

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

Trusts - Income Tax Rates amp Bands

202122 202021 Notes

Lifetime allowance pound1073100 pound1073100 i ii

Annual allowance pound40000 pound40000 iii ivv

Money purchase annual allowance pound4000 pound4000

Notes i Subject to any registration of protected pension funds aggregate retirement benefits in excess of the lifetime allowance may be subject to the lifetime allowance charge of 55 of the surplus benefit ii The lifetime allowance is frozen until 5 April 2026 iii Personal contributions cannot exceed 100 of earnings or when aggregated with employer contributions the annual allowance plus unused allowances carried forward from the previous three years iv Maximum annual allowance pound40000 reduced by pound1 for every pound2 of ldquoadjusted incomerdquo over pound240000 to a minimum of pound4000 v Up to pound3600 pa gross can be paid into pensions irrespective of earnings to age 75

Pension Contribution Reliefs

202122 202021

Dividends Other Dividends Other

Interest in possession trusts and up to pound1000 for discretionary and accumulation and maintenance trusts

75 20 75 20

On income for non-interest in possession trusts over pound1000

381 45 381 45

Notes Trusts where the settlor or spousecivil partner retains an interest are taxed as the income of the settlor Trusts for the vulnerable can be taxed at the beneficiarys rate of tax

6 TAXFAX 202122

Capital Gains Tax (CGT)

Rates for individuals and trusts 202122 202021 Notes

Basic and standard rate taxpayers 10 10

Higher and additional rate taxpayers 20 20

Trusts and personal representatives 20 20

Gains qualifying for Business Asset

Disposal Relief

10 10

Gains qualifying for Investorsrsquo Relief 10 10

Gains on residential property 28 28 i

Gains on carried interest 28 28 i

Exemptions and reliefs

Annual exemption

202122 202021 Notes

Individuals pound12300 pound12300 ii

Trusts pound6150 pound6150 ii

Business Asset Disposal Relief pound1m pound1m

Investors Relief pound10m pound10m

Non-UK resident individuals are subject to CGT on direct and indirect disposals of UK real estate

Notes i To the extent that the basic rate band is unused a CGT rate of 18 will apply ii The annual exemptions are frozen until 5 April 2026

TAXFAX 202122 7

Inheritance Tax (IHT)

Rates and bands

On death

202122 202021 Notes

Nil rate band pound1 - pound325000 0 0 i

Over pound325000 40 40 ii

Residence nil rate band pound175000 pound175000 iiii

Main exemptionsreliefs

Spousecivil partner ndash both UK domiciled (or transferor non-domiciled) Unlimited

Gift from UK domiciled to non-UK domiciled spousecivil partner (An election is available for the non-UK domiciled spousecivil partner to be treated as UK domiciled for IHT purposes)

pound325000

Total annual gifts per donor pound3000

Small gifts per donee not exceeding pound250

Marriagecivil partnership gifts by - parent pound5000

- other relative pound2500

- other pound1000

Regular gifts out of surplus income Unlimited

UK charities plus those in the EU Norway and Iceland and unlimited political parties in the UK Unlimited

Business and agricultural property relief can be available at 50 or 100 on qualifying business or agricultural property

8 TAXFAX 202122

Notes i Nil rate band for estate of surviving spousecivil partner is increased by the percentage of the nil rate band unutilised by the predeceased spousecivil partner ii Tax rate reduces to 36 when at least 10 of net chargeable estate is left to charity iii Reduced by pound1 for every pound2 of the net value of the deceasedrsquos estate over pound2m iv The nil rate band and residence nil rate band will be frozen until 5 April 2026

Years 0-3 3-4 4-5 5-6 6-7 Over 7

Taper relief 0 20 40 60 80 100

Effective rate of IHT 40 32 24 16 8 0

TAXFAX 202122 9

Lifetime gifts to an individual are initially not chargeable and are fully exempt after seven years Gifts to relevant property trusts will be taxable at 20 on the excess over available nil rate band

Death within seven years of lifetime gifts ndash tax on value gifted is payable at death rates subject to taper relief

10 TAXFAX 202122

202122 202021 Notes

Cash shares and innovative finance combined limit

pound20000 pound20000

Junior ISA pound9000 pound9000 i

Help to buy ISA pound2400 pound2400 iiiii

Lifetime ISA pound4000 pound4000 iiiiv

Notes i Available to children not entitled to a Child Trust Fund ii First time buyers over 16 iii A 25 bonus from the Government is available iv Available to individuals over 18 but under 40 to save for their first home or retirement but counts as part of the pound20000 ISA limit

Individual Savings Accounts (ISAs)

202122 202021 Notes

Corporation Tax - all profits and gains 19 19 i

Patent box effective rate 10 10 ii

Notes i Includes gains on UK property and profits from UK property businesses realised by non-UK resident companies ii Applies to profits from qualifying patents derived from qualifying activities of the company iii From 202324 the main rate will be 25 A small profits rate of 19 will apply to profits up to pound50000 The effective rate will increase from 19 to 25 on profits between pound50000 and pound250000

202122 202021

SME enhanced deduction 130 130

SME cash credit for surrendered RampD losses 145 145

Large company above the line credit 13 13

TAXFAX 202122 11

Corporation Tax

Research amp Development (RampD) Tax Credits

Plant and machinery 202122 202021 Notes

Annual investment allowance 100 100 i

Structures and buildings 3 3 ii

Long life assets (at least 25 years) and integral features 6 6

Other plant and machinery assets 18 18

First year allowances - plant and machinery 130 na iii

First year allowances - long life assets and integral features

50 na iii

First year allowances - RampD designated Freeport sites zero-emission goods vehicles

100 100 iv

Intangible assets

Goodwill and customer related intangibles 65 65

Other intangible assets 4 4 v

Notes i Allowance of pound1m pa for expenditure incurred on or before 31 December 2021 allowance will then reduce to pound200000 pa ii Flat rate allowance applicable to non-residential structures and buildings Where building located within a Freeport site 10 rate will apply iii First year allowances available for expenditure incurred during 202122 and 202223 tax years only iv FYAs for expenditure incurred in Enterprise Zones abolished from 2021 22 onwards v Excludes purchased goodwill and customer related intangible assets acquired after 8 July 2015 Tax deductions for accounting depreciation may be claimed instead

Capital Allowances

12 TAXFAX 202122

Cars CO2 emissions (gkm)

202122 202021

50 or less 100 100

51-110 18 18

Over 110 8 8

202122 202021

Standard rate 20 20

Reduced rate 5 5

VAT registration thresholds

Registration required If UK taxable turnover is

UK established businesses More than pound85000 pa

Non-UK established businesses Any amount

Deregistration is possible Less than pound83000 pa

Other VAT schemes

Eligible to use Cash Accounting Scheme Less than pound1350000 pa

Eligible to use Annual Accounting Scheme Less than pound1350000 pa

Eligible to use Flat Rate Scheme Less than pound150000 pa

Value Added Tax (VAT)

TAXFAX 202122 13

Temporary reduced rate for hospitality and tourism sector

from 15 July 2020 to 30 September

2021

5

from 1 October 2021 to 31 March

2022

125

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

Capital Gains Tax (CGT)

Rates for individuals and trusts 202122 202021 Notes

Basic and standard rate taxpayers 10 10

Higher and additional rate taxpayers 20 20

Trusts and personal representatives 20 20

Gains qualifying for Business Asset

Disposal Relief

10 10

Gains qualifying for Investorsrsquo Relief 10 10

Gains on residential property 28 28 i

Gains on carried interest 28 28 i

Exemptions and reliefs

Annual exemption

202122 202021 Notes

Individuals pound12300 pound12300 ii

Trusts pound6150 pound6150 ii

Business Asset Disposal Relief pound1m pound1m

Investors Relief pound10m pound10m

Non-UK resident individuals are subject to CGT on direct and indirect disposals of UK real estate

Notes i To the extent that the basic rate band is unused a CGT rate of 18 will apply ii The annual exemptions are frozen until 5 April 2026

TAXFAX 202122 7

Inheritance Tax (IHT)

Rates and bands

On death

202122 202021 Notes

Nil rate band pound1 - pound325000 0 0 i

Over pound325000 40 40 ii

Residence nil rate band pound175000 pound175000 iiii

Main exemptionsreliefs

Spousecivil partner ndash both UK domiciled (or transferor non-domiciled) Unlimited

Gift from UK domiciled to non-UK domiciled spousecivil partner (An election is available for the non-UK domiciled spousecivil partner to be treated as UK domiciled for IHT purposes)

pound325000

Total annual gifts per donor pound3000

Small gifts per donee not exceeding pound250

Marriagecivil partnership gifts by - parent pound5000

- other relative pound2500

- other pound1000

Regular gifts out of surplus income Unlimited

UK charities plus those in the EU Norway and Iceland and unlimited political parties in the UK Unlimited

Business and agricultural property relief can be available at 50 or 100 on qualifying business or agricultural property

8 TAXFAX 202122

Notes i Nil rate band for estate of surviving spousecivil partner is increased by the percentage of the nil rate band unutilised by the predeceased spousecivil partner ii Tax rate reduces to 36 when at least 10 of net chargeable estate is left to charity iii Reduced by pound1 for every pound2 of the net value of the deceasedrsquos estate over pound2m iv The nil rate band and residence nil rate band will be frozen until 5 April 2026

Years 0-3 3-4 4-5 5-6 6-7 Over 7

Taper relief 0 20 40 60 80 100

Effective rate of IHT 40 32 24 16 8 0

TAXFAX 202122 9

Lifetime gifts to an individual are initially not chargeable and are fully exempt after seven years Gifts to relevant property trusts will be taxable at 20 on the excess over available nil rate band

Death within seven years of lifetime gifts ndash tax on value gifted is payable at death rates subject to taper relief

10 TAXFAX 202122

202122 202021 Notes

Cash shares and innovative finance combined limit

pound20000 pound20000

Junior ISA pound9000 pound9000 i

Help to buy ISA pound2400 pound2400 iiiii

Lifetime ISA pound4000 pound4000 iiiiv

Notes i Available to children not entitled to a Child Trust Fund ii First time buyers over 16 iii A 25 bonus from the Government is available iv Available to individuals over 18 but under 40 to save for their first home or retirement but counts as part of the pound20000 ISA limit

Individual Savings Accounts (ISAs)

202122 202021 Notes

Corporation Tax - all profits and gains 19 19 i

Patent box effective rate 10 10 ii

Notes i Includes gains on UK property and profits from UK property businesses realised by non-UK resident companies ii Applies to profits from qualifying patents derived from qualifying activities of the company iii From 202324 the main rate will be 25 A small profits rate of 19 will apply to profits up to pound50000 The effective rate will increase from 19 to 25 on profits between pound50000 and pound250000

202122 202021

SME enhanced deduction 130 130

SME cash credit for surrendered RampD losses 145 145

Large company above the line credit 13 13

TAXFAX 202122 11

Corporation Tax

Research amp Development (RampD) Tax Credits

Plant and machinery 202122 202021 Notes

Annual investment allowance 100 100 i

Structures and buildings 3 3 ii

Long life assets (at least 25 years) and integral features 6 6

Other plant and machinery assets 18 18

First year allowances - plant and machinery 130 na iii

First year allowances - long life assets and integral features

50 na iii

First year allowances - RampD designated Freeport sites zero-emission goods vehicles

100 100 iv

Intangible assets

Goodwill and customer related intangibles 65 65

Other intangible assets 4 4 v

Notes i Allowance of pound1m pa for expenditure incurred on or before 31 December 2021 allowance will then reduce to pound200000 pa ii Flat rate allowance applicable to non-residential structures and buildings Where building located within a Freeport site 10 rate will apply iii First year allowances available for expenditure incurred during 202122 and 202223 tax years only iv FYAs for expenditure incurred in Enterprise Zones abolished from 2021 22 onwards v Excludes purchased goodwill and customer related intangible assets acquired after 8 July 2015 Tax deductions for accounting depreciation may be claimed instead

Capital Allowances

12 TAXFAX 202122

Cars CO2 emissions (gkm)

202122 202021

50 or less 100 100

51-110 18 18

Over 110 8 8

202122 202021

Standard rate 20 20

Reduced rate 5 5

VAT registration thresholds

Registration required If UK taxable turnover is

UK established businesses More than pound85000 pa

Non-UK established businesses Any amount

Deregistration is possible Less than pound83000 pa

Other VAT schemes

Eligible to use Cash Accounting Scheme Less than pound1350000 pa

Eligible to use Annual Accounting Scheme Less than pound1350000 pa

Eligible to use Flat Rate Scheme Less than pound150000 pa

Value Added Tax (VAT)

TAXFAX 202122 13

Temporary reduced rate for hospitality and tourism sector

from 15 July 2020 to 30 September

2021

5

from 1 October 2021 to 31 March

2022

125

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

Inheritance Tax (IHT)

Rates and bands

On death

202122 202021 Notes

Nil rate band pound1 - pound325000 0 0 i

Over pound325000 40 40 ii

Residence nil rate band pound175000 pound175000 iiii

Main exemptionsreliefs

Spousecivil partner ndash both UK domiciled (or transferor non-domiciled) Unlimited

Gift from UK domiciled to non-UK domiciled spousecivil partner (An election is available for the non-UK domiciled spousecivil partner to be treated as UK domiciled for IHT purposes)

pound325000

Total annual gifts per donor pound3000

Small gifts per donee not exceeding pound250

Marriagecivil partnership gifts by - parent pound5000

- other relative pound2500

- other pound1000

Regular gifts out of surplus income Unlimited

UK charities plus those in the EU Norway and Iceland and unlimited political parties in the UK Unlimited

Business and agricultural property relief can be available at 50 or 100 on qualifying business or agricultural property

8 TAXFAX 202122

Notes i Nil rate band for estate of surviving spousecivil partner is increased by the percentage of the nil rate band unutilised by the predeceased spousecivil partner ii Tax rate reduces to 36 when at least 10 of net chargeable estate is left to charity iii Reduced by pound1 for every pound2 of the net value of the deceasedrsquos estate over pound2m iv The nil rate band and residence nil rate band will be frozen until 5 April 2026

Years 0-3 3-4 4-5 5-6 6-7 Over 7

Taper relief 0 20 40 60 80 100

Effective rate of IHT 40 32 24 16 8 0

TAXFAX 202122 9

Lifetime gifts to an individual are initially not chargeable and are fully exempt after seven years Gifts to relevant property trusts will be taxable at 20 on the excess over available nil rate band

Death within seven years of lifetime gifts ndash tax on value gifted is payable at death rates subject to taper relief

10 TAXFAX 202122

202122 202021 Notes

Cash shares and innovative finance combined limit

pound20000 pound20000

Junior ISA pound9000 pound9000 i

Help to buy ISA pound2400 pound2400 iiiii

Lifetime ISA pound4000 pound4000 iiiiv

Notes i Available to children not entitled to a Child Trust Fund ii First time buyers over 16 iii A 25 bonus from the Government is available iv Available to individuals over 18 but under 40 to save for their first home or retirement but counts as part of the pound20000 ISA limit

Individual Savings Accounts (ISAs)

202122 202021 Notes

Corporation Tax - all profits and gains 19 19 i

Patent box effective rate 10 10 ii

Notes i Includes gains on UK property and profits from UK property businesses realised by non-UK resident companies ii Applies to profits from qualifying patents derived from qualifying activities of the company iii From 202324 the main rate will be 25 A small profits rate of 19 will apply to profits up to pound50000 The effective rate will increase from 19 to 25 on profits between pound50000 and pound250000

202122 202021

SME enhanced deduction 130 130

SME cash credit for surrendered RampD losses 145 145

Large company above the line credit 13 13

TAXFAX 202122 11

Corporation Tax

Research amp Development (RampD) Tax Credits

Plant and machinery 202122 202021 Notes

Annual investment allowance 100 100 i

Structures and buildings 3 3 ii

Long life assets (at least 25 years) and integral features 6 6

Other plant and machinery assets 18 18

First year allowances - plant and machinery 130 na iii

First year allowances - long life assets and integral features

50 na iii

First year allowances - RampD designated Freeport sites zero-emission goods vehicles

100 100 iv

Intangible assets

Goodwill and customer related intangibles 65 65

Other intangible assets 4 4 v

Notes i Allowance of pound1m pa for expenditure incurred on or before 31 December 2021 allowance will then reduce to pound200000 pa ii Flat rate allowance applicable to non-residential structures and buildings Where building located within a Freeport site 10 rate will apply iii First year allowances available for expenditure incurred during 202122 and 202223 tax years only iv FYAs for expenditure incurred in Enterprise Zones abolished from 2021 22 onwards v Excludes purchased goodwill and customer related intangible assets acquired after 8 July 2015 Tax deductions for accounting depreciation may be claimed instead

Capital Allowances

12 TAXFAX 202122

Cars CO2 emissions (gkm)

202122 202021

50 or less 100 100

51-110 18 18

Over 110 8 8

202122 202021

Standard rate 20 20

Reduced rate 5 5

VAT registration thresholds

Registration required If UK taxable turnover is

UK established businesses More than pound85000 pa

Non-UK established businesses Any amount

Deregistration is possible Less than pound83000 pa

Other VAT schemes

Eligible to use Cash Accounting Scheme Less than pound1350000 pa

Eligible to use Annual Accounting Scheme Less than pound1350000 pa

Eligible to use Flat Rate Scheme Less than pound150000 pa

Value Added Tax (VAT)

TAXFAX 202122 13

Temporary reduced rate for hospitality and tourism sector

from 15 July 2020 to 30 September

2021

5

from 1 October 2021 to 31 March

2022

125

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

Years 0-3 3-4 4-5 5-6 6-7 Over 7

Taper relief 0 20 40 60 80 100

Effective rate of IHT 40 32 24 16 8 0

TAXFAX 202122 9

Lifetime gifts to an individual are initially not chargeable and are fully exempt after seven years Gifts to relevant property trusts will be taxable at 20 on the excess over available nil rate band

Death within seven years of lifetime gifts ndash tax on value gifted is payable at death rates subject to taper relief

10 TAXFAX 202122

202122 202021 Notes

Cash shares and innovative finance combined limit

pound20000 pound20000

Junior ISA pound9000 pound9000 i

Help to buy ISA pound2400 pound2400 iiiii

Lifetime ISA pound4000 pound4000 iiiiv

Notes i Available to children not entitled to a Child Trust Fund ii First time buyers over 16 iii A 25 bonus from the Government is available iv Available to individuals over 18 but under 40 to save for their first home or retirement but counts as part of the pound20000 ISA limit

Individual Savings Accounts (ISAs)

202122 202021 Notes

Corporation Tax - all profits and gains 19 19 i

Patent box effective rate 10 10 ii

Notes i Includes gains on UK property and profits from UK property businesses realised by non-UK resident companies ii Applies to profits from qualifying patents derived from qualifying activities of the company iii From 202324 the main rate will be 25 A small profits rate of 19 will apply to profits up to pound50000 The effective rate will increase from 19 to 25 on profits between pound50000 and pound250000

202122 202021

SME enhanced deduction 130 130

SME cash credit for surrendered RampD losses 145 145

Large company above the line credit 13 13

TAXFAX 202122 11

Corporation Tax

Research amp Development (RampD) Tax Credits

Plant and machinery 202122 202021 Notes

Annual investment allowance 100 100 i

Structures and buildings 3 3 ii

Long life assets (at least 25 years) and integral features 6 6

Other plant and machinery assets 18 18

First year allowances - plant and machinery 130 na iii

First year allowances - long life assets and integral features

50 na iii

First year allowances - RampD designated Freeport sites zero-emission goods vehicles

100 100 iv

Intangible assets

Goodwill and customer related intangibles 65 65

Other intangible assets 4 4 v

Notes i Allowance of pound1m pa for expenditure incurred on or before 31 December 2021 allowance will then reduce to pound200000 pa ii Flat rate allowance applicable to non-residential structures and buildings Where building located within a Freeport site 10 rate will apply iii First year allowances available for expenditure incurred during 202122 and 202223 tax years only iv FYAs for expenditure incurred in Enterprise Zones abolished from 2021 22 onwards v Excludes purchased goodwill and customer related intangible assets acquired after 8 July 2015 Tax deductions for accounting depreciation may be claimed instead

Capital Allowances

12 TAXFAX 202122

Cars CO2 emissions (gkm)

202122 202021

50 or less 100 100

51-110 18 18

Over 110 8 8

202122 202021

Standard rate 20 20

Reduced rate 5 5

VAT registration thresholds

Registration required If UK taxable turnover is

UK established businesses More than pound85000 pa

Non-UK established businesses Any amount

Deregistration is possible Less than pound83000 pa

Other VAT schemes

Eligible to use Cash Accounting Scheme Less than pound1350000 pa

Eligible to use Annual Accounting Scheme Less than pound1350000 pa

Eligible to use Flat Rate Scheme Less than pound150000 pa

Value Added Tax (VAT)

TAXFAX 202122 13

Temporary reduced rate for hospitality and tourism sector

from 15 July 2020 to 30 September

2021

5

from 1 October 2021 to 31 March

2022

125

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

10 TAXFAX 202122

202122 202021 Notes

Cash shares and innovative finance combined limit

pound20000 pound20000

Junior ISA pound9000 pound9000 i

Help to buy ISA pound2400 pound2400 iiiii

Lifetime ISA pound4000 pound4000 iiiiv

Notes i Available to children not entitled to a Child Trust Fund ii First time buyers over 16 iii A 25 bonus from the Government is available iv Available to individuals over 18 but under 40 to save for their first home or retirement but counts as part of the pound20000 ISA limit

Individual Savings Accounts (ISAs)

202122 202021 Notes

Corporation Tax - all profits and gains 19 19 i

Patent box effective rate 10 10 ii

Notes i Includes gains on UK property and profits from UK property businesses realised by non-UK resident companies ii Applies to profits from qualifying patents derived from qualifying activities of the company iii From 202324 the main rate will be 25 A small profits rate of 19 will apply to profits up to pound50000 The effective rate will increase from 19 to 25 on profits between pound50000 and pound250000

202122 202021

SME enhanced deduction 130 130

SME cash credit for surrendered RampD losses 145 145

Large company above the line credit 13 13

TAXFAX 202122 11

Corporation Tax

Research amp Development (RampD) Tax Credits

Plant and machinery 202122 202021 Notes

Annual investment allowance 100 100 i

Structures and buildings 3 3 ii

Long life assets (at least 25 years) and integral features 6 6

Other plant and machinery assets 18 18

First year allowances - plant and machinery 130 na iii

First year allowances - long life assets and integral features

50 na iii

First year allowances - RampD designated Freeport sites zero-emission goods vehicles

100 100 iv

Intangible assets

Goodwill and customer related intangibles 65 65

Other intangible assets 4 4 v

Notes i Allowance of pound1m pa for expenditure incurred on or before 31 December 2021 allowance will then reduce to pound200000 pa ii Flat rate allowance applicable to non-residential structures and buildings Where building located within a Freeport site 10 rate will apply iii First year allowances available for expenditure incurred during 202122 and 202223 tax years only iv FYAs for expenditure incurred in Enterprise Zones abolished from 2021 22 onwards v Excludes purchased goodwill and customer related intangible assets acquired after 8 July 2015 Tax deductions for accounting depreciation may be claimed instead

Capital Allowances

12 TAXFAX 202122

Cars CO2 emissions (gkm)

202122 202021

50 or less 100 100

51-110 18 18

Over 110 8 8

202122 202021

Standard rate 20 20

Reduced rate 5 5

VAT registration thresholds

Registration required If UK taxable turnover is

UK established businesses More than pound85000 pa

Non-UK established businesses Any amount

Deregistration is possible Less than pound83000 pa

Other VAT schemes

Eligible to use Cash Accounting Scheme Less than pound1350000 pa

Eligible to use Annual Accounting Scheme Less than pound1350000 pa

Eligible to use Flat Rate Scheme Less than pound150000 pa

Value Added Tax (VAT)

TAXFAX 202122 13

Temporary reduced rate for hospitality and tourism sector

from 15 July 2020 to 30 September

2021

5

from 1 October 2021 to 31 March

2022

125

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

202122 202021 Notes

Corporation Tax - all profits and gains 19 19 i

Patent box effective rate 10 10 ii

Notes i Includes gains on UK property and profits from UK property businesses realised by non-UK resident companies ii Applies to profits from qualifying patents derived from qualifying activities of the company iii From 202324 the main rate will be 25 A small profits rate of 19 will apply to profits up to pound50000 The effective rate will increase from 19 to 25 on profits between pound50000 and pound250000

202122 202021

SME enhanced deduction 130 130

SME cash credit for surrendered RampD losses 145 145

Large company above the line credit 13 13

TAXFAX 202122 11

Corporation Tax

Research amp Development (RampD) Tax Credits

Plant and machinery 202122 202021 Notes

Annual investment allowance 100 100 i

Structures and buildings 3 3 ii

Long life assets (at least 25 years) and integral features 6 6

Other plant and machinery assets 18 18

First year allowances - plant and machinery 130 na iii

First year allowances - long life assets and integral features

50 na iii

First year allowances - RampD designated Freeport sites zero-emission goods vehicles

100 100 iv

Intangible assets

Goodwill and customer related intangibles 65 65

Other intangible assets 4 4 v

Notes i Allowance of pound1m pa for expenditure incurred on or before 31 December 2021 allowance will then reduce to pound200000 pa ii Flat rate allowance applicable to non-residential structures and buildings Where building located within a Freeport site 10 rate will apply iii First year allowances available for expenditure incurred during 202122 and 202223 tax years only iv FYAs for expenditure incurred in Enterprise Zones abolished from 2021 22 onwards v Excludes purchased goodwill and customer related intangible assets acquired after 8 July 2015 Tax deductions for accounting depreciation may be claimed instead

Capital Allowances

12 TAXFAX 202122

Cars CO2 emissions (gkm)

202122 202021

50 or less 100 100

51-110 18 18

Over 110 8 8

202122 202021

Standard rate 20 20

Reduced rate 5 5

VAT registration thresholds

Registration required If UK taxable turnover is

UK established businesses More than pound85000 pa

Non-UK established businesses Any amount

Deregistration is possible Less than pound83000 pa

Other VAT schemes

Eligible to use Cash Accounting Scheme Less than pound1350000 pa

Eligible to use Annual Accounting Scheme Less than pound1350000 pa

Eligible to use Flat Rate Scheme Less than pound150000 pa

Value Added Tax (VAT)

TAXFAX 202122 13

Temporary reduced rate for hospitality and tourism sector

from 15 July 2020 to 30 September

2021

5

from 1 October 2021 to 31 March

2022

125

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

Plant and machinery 202122 202021 Notes

Annual investment allowance 100 100 i

Structures and buildings 3 3 ii

Long life assets (at least 25 years) and integral features 6 6

Other plant and machinery assets 18 18

First year allowances - plant and machinery 130 na iii

First year allowances - long life assets and integral features

50 na iii

First year allowances - RampD designated Freeport sites zero-emission goods vehicles

100 100 iv

Intangible assets

Goodwill and customer related intangibles 65 65

Other intangible assets 4 4 v

Notes i Allowance of pound1m pa for expenditure incurred on or before 31 December 2021 allowance will then reduce to pound200000 pa ii Flat rate allowance applicable to non-residential structures and buildings Where building located within a Freeport site 10 rate will apply iii First year allowances available for expenditure incurred during 202122 and 202223 tax years only iv FYAs for expenditure incurred in Enterprise Zones abolished from 2021 22 onwards v Excludes purchased goodwill and customer related intangible assets acquired after 8 July 2015 Tax deductions for accounting depreciation may be claimed instead

Capital Allowances

12 TAXFAX 202122

Cars CO2 emissions (gkm)

202122 202021

50 or less 100 100

51-110 18 18

Over 110 8 8

202122 202021

Standard rate 20 20

Reduced rate 5 5

VAT registration thresholds

Registration required If UK taxable turnover is

UK established businesses More than pound85000 pa

Non-UK established businesses Any amount

Deregistration is possible Less than pound83000 pa

Other VAT schemes

Eligible to use Cash Accounting Scheme Less than pound1350000 pa

Eligible to use Annual Accounting Scheme Less than pound1350000 pa

Eligible to use Flat Rate Scheme Less than pound150000 pa

Value Added Tax (VAT)

TAXFAX 202122 13

Temporary reduced rate for hospitality and tourism sector

from 15 July 2020 to 30 September

2021

5

from 1 October 2021 to 31 March

2022

125

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

202122 202021

Standard rate 20 20

Reduced rate 5 5

VAT registration thresholds

Registration required If UK taxable turnover is

UK established businesses More than pound85000 pa

Non-UK established businesses Any amount

Deregistration is possible Less than pound83000 pa

Other VAT schemes

Eligible to use Cash Accounting Scheme Less than pound1350000 pa

Eligible to use Annual Accounting Scheme Less than pound1350000 pa

Eligible to use Flat Rate Scheme Less than pound150000 pa

Value Added Tax (VAT)

TAXFAX 202122 13

Temporary reduced rate for hospitality and tourism sector

from 15 July 2020 to 30 September

2021

5

from 1 October 2021 to 31 March

2022

125

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

SDLT chargeable on purchase of land and property in England and Northern Ireland 202122 and 202021 - different rules apply to purchases of land and property in Scotland and Wales Tax rates below charged on part of purchase price within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Residential (purchase pricepremium payable)

Rate

0 Up to pound500000

5 pound500001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

14 TAXFAX 202122

Stamp Duty Land Tax (SDLT)

Tax rates below charged on part of purchase price within each band during the second Stamp Duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 (inclusive)

Residential (purchase pricepremium payable)

Rate

0 Up to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

TAXFAX 202122 15

Tax rates below charged on part of purchase price within each band after the end of the second Stamp Duty Holiday

Residential (purchase pricepremium payable)

Rate

0 Up to pound125000

2 pound125001 to pound250000

5 pound250001 to pound925000

10 pound925001 to pound1500000

12 Over pound1500000

15 Enveloped properties over pound500000

There is a 3 supplement to residential rates for second residential property and buy-to-let property subject to exceptions From April 2021 an additional 2 supplement on non-UK residents purchasing residential property will apply subject to exceptions

Non-residentialmixed-use (purchase pricepremium payable)

Rate

0 Up to pound150000

2 pound150001 to pound250000

5 over pound250000

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

Lease grants (net present value of rent)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound500000 0 Up to pound150000

1 Over pound500000 1 pound150001 to pound5000000

2 over pound5000000

16 TAXFAX 202122

Tax rates below charged on part of net present value of rent within each band during the first Stamp Duty holiday (ie for transactions completing before 1 July 2021)

Tax rates below charged on part of net present value of rent within each band after the second Stamp Duty holiday

Residential Non-residentialmixed use

Rate Rate

0 Up to pound250000 0 Up to pound150000

1 Over pound250000 1 pound150001 to pound5000000

2 over pound5000000

Tax rates below charged on part of net present value of rent within each band during the second Stamp duty holiday (ie for transactions completing between 1 July 2021 and 30 September 2021 inclusive)

Residential Non-residentialmixed use

Rate Rate

0 Up to pound125000 0 Up to pound150000

1 Over pound125000 1 pound150001 to pound5000000

2 over pound5000000

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

Relief for first time buyers - switched off for transactions with an effective date before 1 July 2021 Special rates apply for a qualifying buyerrsquos first home Price paid for the home must not exceed pound500000

Rate

0 Up to pound300000

5 pound300001 to pound500000

TAXFAX 202122 17

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

ATED is an annual tax payable mainly by companies that own UK residential dwellings that are individually valued in excess of pound500000

The ATED period runs from 1 April to 31 March each year and payment is due by 30 April following the beginning of each ATED period

The ATED is chargeable at a flat rate if a property falls into a specific valuation band as follows

202122 202021

Residential property value Annual Charge

Up to pound500000 poundna poundna

pound500001 - pound1000000 pound3700 pound3700

pound1000001 - pound2000000 pound7500 pound7500

pound2000001 - pound5000000 pound25300 pound25200

pound5000001 - pound10000000 pound59100 pound58850

pound10000001 - pound20000000 pound118600 pound118050

Over pound20000000 pound237400 pound236250

Annual Tax on Enveloped Dwelling (ATED)

18 TAXFAX 202122

ATED CGT was abolished and replaced with non-resident CGT for disposals of property held by non-residents at a rate of 28

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

202122 and 202021

Employees own car Rate per mile

Annual business mileage up to 10000 miles 45p

Each additional mile over 10000 miles 25p

Each qualifying passenger 5p

Motorcycle 24p

Cycle 20p

TAXFAX 202122 19

Tax Free Mileage Rates

COVID-19 Tax Reliefs

The existing income tax and NIC exemption for COVID-19 anitigen tests paid for by employers has been extended to the end of 202122 In addition the reimbursement for of home office equipment expenses will continue to be exempt from income tax and NIC for the same period

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

Class 1A employers only 138 on taxable benefits

Class 1B employers only 138 on amount in PAYE settlement agreement and

income tax thereon

Class 2 flat rate for self employed pound305 pw if earning over pound6515 pa

Class 3 voluntary pound1540 pw

Class 4 self employed 9 on profits over pound9658 to pound50270 and a further 2 on

profits above pound50270

Notes Employment allowance ndash Eligible businesses and charities can claim a reduction of up to pound4000 per annum of their employer contributions NIC incentive ndash Class 1 secondary NIC will not be due from employers with employees under the age of 25 who are following an approved UK Government statutory apprenticeship framework who earn up to pound967 per week

202122

Class 1 primary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 to pound967 12

over pound967 on excess 2

Class 1 secondary employees 202122

Total weekly earnings - contracted in up to pound184 nil

over pound184 138

20 TAXFAX 202122

National Insurance Contributions (NICs)

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

TAXFAX 202122 21

Employer NICs amp Freeports

A new Employers NIC incentive was announced in the Budget for employers with eligible employees at all Freeport tax sites Details have yet to be announced but will be effective from April 2022 until at least April 2026

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

Caroline Le JeunePartner Private Client

+44 (0)20 7544 8986 carolinelejeuneblickrothenbergcom

Genevieve MorrisPartner Corporate Tax

+44 (0)20 7544 8815 genevievemorrisblickrothenbergcom

For more information please speak to your usual Blick Rothenberg contact or contact Caroline or Genevieve using the contact details below

22 TAXFAX 202122

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg

16 Great Queen StreetCovent GardenLondon WC2B 5AH

+44 (0)20 7486 0111 emailblickrothenbergcom blickrothenbergcom

copy March 2021 Blick Rothenberg Limited All rights reserved While we have taken every care to ensure that the information in this publication is correct it has been prepared for general information purposes only for clients and contacts of Blick Rothenberg and is not intended to amount to advice on which you should rely Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business and consumer credit related activity

BlickRothenberg

Blick Rothenberg