The new Chancellor Rishi Sunak recently delivered his first Budget. Alongside the huge commitments to tackle the impact of coronavirus, there were a few updates that could impact your finances. Here are some of the changes you need to know:

  • The tax threshold for National Insurance contributions will rise from £8,632 to £9,500
  • The Lifetime Allowance will increase from £1,055,000 to £1,073,100
  • The tapered annual allowance will be increased by £90,000
  • The amount families can save into a Junior ISA or child trust fund in a year will rise to £9,000 from £4,368
  • The annual Capital Gains Tax allowance will increase slightly from the current £12,000 to £12,300

Coronavirus:

  • Statutory sick pay will be paid to all those who are advised to self-isolate, even if they’re not experiencing symptoms
  • Self-employed workers who are not eligible for sick pay will be able to claim contributory Employment Support allowance, which will be available from day one
  • Small firms will be able to access “business interruption” loans of up to £1.2m
  • Business rates in England will be abolished for firms in the retail, leisure and hospitality sectors with a rateable value below £51,000
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