Tax rates and allowances

With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients'' tax liabilities are planned to be at a minimum.

The key tax thresholds in England, Wales and Northern Ireland for 2021/22 are:

  • personal allowance - up to £12,570
  • basic-rate band - £12,571 to £37,770
  • higher-rate band - £37,771 to £150,000
  • car fuel benefit multiplier - £24,600
  • van benefit is £3,500
  • van fuel benefit is £669
  • capital gains tax annual allowance - £12,300 for individuals, £6,150 for trusts
  • residence nil-rate band - £175,000 for individuals
  • national living wage increases from £8.72 to £8.91 an hour for over-23s
  • junior ISA allowance and child trust fund limits - £9,000
  • annual pension allowance - £40,000
  • lifetime pension allowance - £1,073,100

As a consequence of devolution, several rates may differ between the four countries that make up the UK. Where applicable these rates are shown in each section of these tax rates and allowances.

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