There has been much speculation in the run up to the budget that there may be an alignment of the tax rates for capital gains tax and income tax and the possibility that higher rate tax relief would be removed from pension contributions, however there was surprisingly very little in the budget relating to personal taxation.
The most notable change relates to the reporting of capital gains tax on residential property. From 27 October 2021 the new deadline to report and pay CGT after selling a UK residential property will increase from 30 days to 60 days after the date of completion. This is a welcome relaxation of the deadline to allow sufficient time to calculate the tax payable and to set up the CGT property online account.
The Individual Savings Account (ISA) annual subscription limits for 2022/23 will be maintained at £20,000 and £9,000 for Junior ISA’s.
The van benefit charge and the car and van fuel benefit charges for 2022/23 will increase by the September 2021 CPI. The van benefit charge will increase to £3,600 the multiplier for the car fuel benefit will increase to £25,300 and the van fuel benefit charge will increase to £688.
From 6 April 2028 there will be an increase in the normal minimum pension age which is the earliest date at which most individuals can access their pensions without incurring an unauthorised payments tax charge. The minimum pension age will increase from 55 to 57.
Private client and personal tax 