The Chancellor, in his annual Spring Statement set out the Government’s tax plan to support the UK economy, businesses and families in both the short and the medium term.
The Chancellor, Rishi Sunak delivered his second Budget this calendar year with the Covid 19 virus continuing to have an impact, both emotionally and financially, on individuals, families, businesses and the UK economy as a whole.
In 2021/22, the personal allowance will rise to £12,570 and the higher-rate threshold to £50,270 - but after that, both thresholds will remain frozen until 2025/26, Stamp duty holiday extended & Mortgage scheme to guarantee 5% deposits, Covid-19 Support, VAT, Corporation Tax
Since September of this year, individuals who were born between September 2002 and the beginning of January 2011 start to reach the age of 18. These people, at 18, may be entitled to access an investment account called the Child Trust Fund (CTF).
The Office of Tax Simplification (OTS) has published a review of the tax, commissioned by Chancellor Rishi Sunak, which revealed £14bn could be raised by making these changes.