Corporation Tax
Rate %
Rate %
Year to 31.3.21
19 Year to 31.3.20
19
Different rates apply for ring-fenced (broadly oil industry) profit.
Capital Allowances
First Year Allowance (FYA) on certain plant, machinery and cars up to 50g/km Annual Investment Allowance (AIA) £1,000,000 (£200,000 from 1 January 2021) Excludes cars and expenditure already qualifying for FYA Writing Down Allowance Expenditure not qualifying for AIA or FYA: Long-life assets, integral features of buildings, cars over 110g/km
100%
6%
18%
Other plant and machinery
3%
Structures and Buildings Allowance From April 2020
Pensions
2020/21 2019/20 £1,073,100 £1,055,000
Lifetime Allowance limit Annual Allowance limit
£40,000
£40,000 £4,000
Money Purchase Annual Allowance £4,000
Value Added Tax
From 1.4.20 From 1.4.19
Standard rate Reduced rate
20% 5%
20% 5%
Annual Registration Limit Annual Deregistration Limit
£85,000 £83,000
£85,000 £83,000
Disclaimer: Rates are for guidance only. No responsibility for loss occasioned by any person acting/ refraining from action as a result of this information can be accepted by the authors or firm.
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