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The invisible tax
Key points
- The income tax personal allowance higher rate threshold and CGT annual exemption will all be frozen.
- Freezing the personal allowance will have the biggest impact on middle earners – they will pay proportionately more in tax than higher earners.
- The interaction between the income tax threshold freeze and increase in corporation tax.
- Inheritance tax bands are now frozen until April 2026.
- The coronavirus job retention scheme and the self-employment income support scheme have been extended to the end of September 2021.
Despite a vast amount of speculation in the weeks leading up to the Budget on 3 March 2021 the tax measures announced in the chancellor’s speech were scarce particularly those affecting individual taxpayers with details of the government’s plan for the UK’s economic recovery and additional coronavirus support measures taking centre stage.
The main tax headlines featured an increase in the corporation...
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