Personal Allowances - Ouch!

talexuser

Up to 12570 and 50270 but frozen from 2022 to 2026. Well the borrowing has to be paid for somehow, but this might sting if inflation takes off in the meantime.

surreysaver

But presumably can be changed in future budgets if need be

colsten

What did you expect? The tax fairy to pay for the extra money we need to cope with the pandemic?

Bobziz

Looking good for the microcaps.

ivormonee

There was talk of hefty tax rises; this is very tame in their absence and in their place.

talexuser

colsten said:

What did you expect? The tax fairy to pay for the extra money we need to cope with the pandemic?

Exactly right, increase QE by a few 1000%, give everyone helicopter money and universal income, we can print unlimited amounts since the credit crunch with no downside, and interest rates will be this low forever.

ratechaser

talexuser said:

colsten said:

What did you expect? The tax fairy to pay for the extra money we need to cope with the pandemic?

Exactly right, increase QE by a few 1000%, give everyone helicopter money and universal income, we can print unlimited amounts since the credit crunch with no downside, and interest rates will be this low forever.

And by this time next year, children will be using blocks of £50 notes to play with...

colb15

Nothing on capital gains tax, very surprised there wasn't some adjustment or increase in rates. Perhaps there will be some announcement on the 23rd, with some changes to come in later this year.

blue_eyes

Capital Gains threshold frozen:
Capital Gains Tax Annual Exempt Amount (AEA) uprating – The value of gains that a taxpayer can realise before paying Capital Gains Tax, the AEA, will be maintained at the present level until April 2026. It will remain at £12,300 for individuals, personal representatives and some types of trusts and £6,150 for most trusts.

Thrugelmir

ivormonee said:

There was talk of hefty tax rises; this is very tame in their absence and in their place.

A stealth tax that get overlooked by commentators as in the future. (Brown's favourite budget announcement trick).  A spike in inflation could well erode the value further. 

The_Green_Hornet

Considering the personal allowance was only £6,475 in 2009, a rate of £12,570 in 2026 still outperforms inflation over that time period.