The Chancellor, Rishi Sunak, has delivered another UK Budget, in the midst of a significant economic downturn due to the pandemic, but with hope on the horizon as the roll out of the COVID-19 vaccination program gathers pace.
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.