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UK Publishes Finance Act 2021 Including Increased Corporation Tax Rate, Extended Loss Carryback, New Investment Allowances, and Other Measures

15 June 2021

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Approved Changes

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United Kingdom

The UK has published the Finance Act 2021 in the Official Gazette. The Act received royal assent (was enacted) on 10 June 2021. Some of the main tax-related measures include the following: For 2021/22, the personal allowance is GBP 12,570 and the basic rate limit is GBP 37,700, and the higher rate threshold is GBP 50,270 (personal allowance plus basic rate limit), with these amounts maintained for 2022/23 to 2025/26; The standard (main) corporation tax rate is maintained at 19% for the financial year beginning 1 April 2022 and is increased to 25% from the financial year beginning 1 April...