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Spring Budget 2021

Author Image The Technical Team
1 minute read
Last updated on 4th Mar 2021
 Les Cameron – Head of Technical
Les Cameron – Head of Technical

The Chancellor delivered his budget on 3rd March 2021.

We waited with bated breath to find out if he would start raising revenue through taxation increases or concentrate on support and stimulus for the economy. We got both.

The key announcements affecting the financial planner was a much anticipated change to Corporation Tax and a freezing of tax bands and allowances until 2025/26.

These are expected to raise around £70bn in extra tax revenue with £21bn of that due to the freezing of the mainstream allowances. So plenty of opportunity for the financial planner to show their worth to their clients in reducing tax. 

You can find details of all the changes below.

 

"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.