Key Tax Rates
Rates & Allowances | ||||||
2015/2016 | 2016/2017 | 2017/2018 | 2018/2019 | 2019/2020 | ||
Income Tax | ||||||
Personal Allowances | ||||||
age under 65 | 10,600 | 11,000 | 11,500 | 11,850 | 12,500 | |
age 65 - 74 | 10,600 | 11,000 | 11,500 | 11,850 | 12,500 | |
age 75 and over | 10,660 | 11,000 | 11,500 | 11,850 | 12,500 | |
Age-related income limit | 27,700 | 27,700 | 28,000 | 28,900 | 29,600 | |
*Age allowance reduced by £1 for every £2 over the above income limit |
||||||
Married couples - age 75+ | 8,355 | 8,355 | 8,445 | 8,695 | 8,915 | |
Transferable marriage allowance | 1,100 | 1,100 | 1,150 | 1,190 | 1,250 | |
Income Tax Bands | ||||||
10% on savings up to | 5,000 | 5,000 | 5,000 | 5,000 |
5,000 |
|
20% Basic rate up to | 31,785 | 32,000 | 33,500 | 34,500 | 37,500 | |
40% higher rate up to | 31,786 - 150,000 |
32001 - 150,000 |
33,501 - 150,000 | 34,501 - 150,000 | 37,501 - 150,000 | |
Income limit on married couples allowance |
N/A
|
27,700 | 28,000 | 28,900 |
29,600 |
|
Dividends | ||||||
Basic rate / over ( 5,000 / 2,000 ) | 10% | ( 7.5% ) | ( 7.5% ) | ( 7.5% ) | ( 7.5% ) | |
Higher rate | 32.5% | 32.5% | 32.5% | 32.5% | 32.5% | |
Tax free dividend | N/A | 5,000 | 5,000 | 2,000 | 2,000 | |
National Insurance | ||||||
Class 1 - Employee | ||||||
No NIC's on the first | £156 pw | £156 pw | £157 pw | £162 pw | £166 pw | |
Percentage payable | 12% | 12% | 12% | 12% | 12% | |
Upper earnings limit | £815 pw | £827 pw | £866 pw | £892 pw | £962 pw | |
Percentage payable | 2% | 2% | 2% | 2% | 2% | |
Class 2 - Self Employed | ||||||
Flat rate per week | £2.80 | £2.80 | £2.85 | £2.95 | £3.00 | |
Small earnings exemption |
5,965 |
5,965 | 6,025 | 6,205 | 6,365 | |
Class 3 - Voluntary | ||||||
Flat rate per week | £14.10 | £14.10 | £14.25 | £14.65 | £15.00 | |
Class 4 - Self Employed | ||||||
Lower Limit | 8,060 | 8,060 | 8,164 | 8,424 | 8,632 | |
Percentage payable | 9% | 9% | 9% | 9% | 9% | |
Upper Profits Limit | 42,385 | 43,000 | 45,000 | 46,350 | 50,000 | |
Percentage payable | 2% | 2% | 2% | 2% | 2% | |
Capital Gains Tax | ||||||
Annual exempt amount | 11,100 | 11,100 | 11,300 | 11,700 | 12,000 | |
Basic rate taxed at | 18% | 18% | 18% | 18% | 18% | |
Higher rate taxed at | 28% | 28% | 28% | 28% | 28% | |
Corporation Tax | ||||||
Small companies rate | 20% | 20% | 19% | 19% | 19% | |
Capital Allowances | ||||||
Written down allowance | 8 / 18% | 8 / 18% | 8 / 18% | 8 / 18% | 8 / 18% | |
Annual investment allow. | 100% | 100% | 100% | 100% | 100% | |
AIA Maximum Limit | 425,000 | 200,000 | 200,000 | 200,000 |
200,000 |
|
Mileage Allowances | ||||||
Up to 10,000 miles | 45p | 45p | 45p | 45p | 45p | |
Over 10,000 miles | 25p | 25p | 25p | 25p | 25p |