202104 Mar
SPRING BUDGET 2021
Type
General News
Source
Financialsoftware
Summary

For more detail, please refer to the GOV.UK website and the Overview of Tax Legislation and Rates (OOTLAR) published by HM Treasury and HMRC that gives a comprehensive summary of all the tax-related changes. (Ref: OOTLAR, para 1.6) Capital Gains Tax: Annual Exempt Amount: The government will present legislation that maintains the current Capital Gains Tax annual exempt amount at £12,300 for individuals, personal representatives, and some categories of trusts. However, firms making profits between £50,000 and £250,000 will pay the main rate of corporation tax, which will be reduced by marginal relief. (Ref: OOTLAR, para 1.34) The FSL Business Analysis team is actively analysing any potential changes today’s announcements will have on our products moving forward. The government tax policy consultation day is set for 23rd March 2021 where they will announce a number of reviews.

Classifications
  • Fintech & Banking
  • Investment Banking
  • Tax Preparation
  • Accounting and Taxes
  • General Data Management