Tax Data Guide 2020/21 (Corporation tax, Stamp...

Corporation tax

Financial year to31/03/202131/03/2020
Rate19%19%

Stamp taxes

Shares and marketable securities0.5%³
Transfers of land and buildings₄
Residential (on band of consideration)₅,₆,₇
£0 – £125,0000%
£125,001 – £250,0002%
£250,001 – £925,0005%
£925,001 – £1,500,00010%
Over £1,500,00012%
Non-residential (on band of consideration)
£0 – £150,0000%
£150,001 – £250,0002%
Over £250,0005%
Leases (Rent – on band of net present value)₄
ResidentialNon-residential                  
£0 – £125,000£0 – £150,000                            0%
Over £125,000£150,001 – £5,000,000            1%
N/AOver £5,000,000                         2%
Premiums₄
Duty on premiums is the same as for transfers of land.

1 Subject to lifetime limit on gains of £1 million.
2 Subject to lifetime limit on gains of £10 million.
3 Rounded up to the nearest multiple of £5. Transactions of £1,000 or less exempt.
4 Transfers of land and leases in Scotland are chargeable to land and buildings transaction tax, and in Wales to land transaction tax. Different rates of tax may apply.
5 Where the consideration exceeds £500,000 and the purchase is by – or by a partnership including – a company or collective investment scheme enveloping the property, the rate is 15% of the total consideration.
6 Where the consideration is no more than £500,000 and the purchaser is a first-time buyer, the 0% band is increased to £300,000 (and the 5% rate applies to any consideration above £300,000). Includes qualifying shared ownership property.
7 Rates are increased by 3 percentage points for certain purchases, including purchases of additional residential properties by individuals. Transactions under £40,000 are excluded.

Car benefit

2020/21 – cars first registered after 5 April 2020
CO2 emissions 
g/km
 

Electric range (miles)

% of list priceCO2 emissions g/km% of list price
0N/A0100-10423
1-50>1300105-10924
1-5070-1293110-11425
1-5040-696115-11926
1-5030-3910120-12427
1-50<3012125-12928
51–5413130-13429
55–5914135-13930
60–6415140-14431
65–6916145-14932
70–7417150-15433
75–7918155-15934
80–8419160-16435
85–8920165-16936
90–9421170 or more37
95–9922

Rates are 2% higher (up to max 37%) for cars registered before 6 April 2020.
4% supplement (up to max 37%) applies to diesel cars which do not meet the RDE2 standard.

Car fuel benefit

For 2020/21, car fuel benefit is calculated by applying the above car benefit percentage to a figure of £24,500.

Capital allowances

DredgingRate%
(straight-line basis)
Writing-down allowance4
Know-how
(reducing balance basis)
Writing-down allowance25
Mineral extraction
(reducing balance basis)
Writing-down allowances
General25
Acquisition of mineral asset10
Patent rights
(reducing balance basis)
Writing-down allowance25
Plant and machinery
(reducing balance basis)
Annual investment allowance – max £1,000,000 pa
(max £200,000 pa from 1/1/2021)100
First-year allowances
New cars with CO2 emissions 50 g/km or less100
New gas refuelling stations100
New zero-emission goods vehicles100
New assets for use in designated
areas of enterprise zones (companies only)100
New electric charge-point equipment100
Writing-down allowances
General18
Cars (other than low-emission cars)6
Special rate expenditure
(including integral features and thermal insulation)6
Long-life assets6
Research and development
Allowance100
Structures and buildings
(straight-line basis)
Writing-down allowance3

Value added tax

Standard rate20%
Reduced rate5%
Registration threshold£85,000 pa
Deregistration limit£83,000 pa
Annual accounting scheme turnover limit£1,350,000 pa
Cash accounting scheme turnover limit£1,350,000 pa
Flat rate scheme turnover limit£150,000 pa

Investment reliefs

Investment limitIncome tax relief rate
Enterprise investment scheme£1,000,00030%
Venture capital trusts£200,00030%
Seed enterprise investment scheme£100,00050%
Social investment relief£1,000,00030%

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