Income Tax
Savings starting rate limit:
Savings starting rate:
Basic rate band:
Basic rate:
Dividend ordinary rate:
Higher rate band:
Higher rate:
Dividend upper rate:
Additional rate band over:
Additional rate:
Dividend additional rate:
£5,000
0%
£0 – £37,500
20%
7.5%
£37,501 – £150,000
40%
32.5%
£150,000
45%
38.1%
Income Tax Allowances
Personal allowance
Personal allowance:
Income limit for personal allowance:
Marriage allowance
Marriage allowance:
Blind person’s allowance
Blind person’s allowance:
Dividend allowance
Dividend allowance:
Personal savings allowance
Personal savings allowance for basic rate taxpayers:
Personal savings allowance for higher rate taxpayers:
£12,500
£100,000
£29,600
£2,500
£2,000
£1,000
£500
High Income Child Benefit Charge
Arises on income over:
£50,000
Capital Gains Tax
Lower rate:
Higher rate:
Annual exemption (individuals):
Annual exemption (settlements):
Entrepreneurs’ relief (applicable rate):
Entrepreneurs’ relief (lifetime limit):
10%
20%
£12,300
£6,150
10%
£1m
Inheritance Tax
Thresholds
Single person’s threshold:
Combined threshold limit for married couples and civil partners:
Residence nil rate band:
Tax rates
Main rate:
Chargeable on lifetime transfers:
Transfers on or within seven years of death:
Reduced rate:
£325,000
£650,000
£175,000
40%
20%
40%
36%
Tax reductions
0-3 years before death:
3-4 years before death:
4-5 years before death:
5-6 years before death:
6-7 years before death:
0%
20%
40%
60%
80%
Main exemptions
1. Most transfers between spouses and between civil partners. 2. First £3,000 of lifetime transfers in any tax year plus any unused from the previous year. 3. Gifts up to £250 p.a. to any number of persons. 4. Gifts made out of income that form part of normal expenditure and do not reduce the standard of living. 5. Gifts in consideration of marriage/civil partnership up to £5,000 by a parent, £2,500 by grandparents, or £1,000 by anyone else. 6. Gifts to charities, whether made during lifetime or on death.
Registered Pensions
Maximum annual tax-efficient gross contributions to age 74 (individuals):
Maximum annual tax-efficient gross contributions to age 74 (employers):
Normal age for accessing benefits:
Lifetime allowance charge (lump sum paid):
Lifetime allowance charge (monies retained):
On cumulative benefits exceeding:
Maximum tax-free lump sum:
£3,600 or 100% of ‘NRE’ to £40,000*
£40,000 less employee contributions
55
55%
25%
£1,073,100**
25%**
National Insurance
Class 1 (not contracted out)
Lower earnings limit (employer):
Lower earnings limit (employee):
Payable on weekly earnings below £183:
Payable on weekly earnings of £183-£962:
Payable on weekly earnings over £962:
n/a
£120
0%
12%
2%
Class 1A
On relevant benefits (employer):
On relevant benefits (employee):
13.8%
n/a
Class 2
Self employed:
Limit of net earnings for exception:
£3.05 per week
£6,475 per annum
Class 3
Voluntary:
£15.30 per week
Class 4
Self employed on profits below £9,500:
Self employed on profits £9,500-£50,000:
Self employed on profits above £50,000:
0%
9%
2%
Value Added Tax
Standard rate:
20%
Stamp Duty
Shares & Securities
Certain transfers of shares and securities of £1,000 and over:
Residential Property
Up to £125,000:
The next £125,000 (£125,001- £250,000):
The next £675,000 (£250,001 -£925,000):
The next £575,000 (£925,001- £1,500,000):
The remaining amount (the portion above £1,500,000):
First Home Stamp Duty
Up to £300,000:
The next £200,000 (£300,001- £500,000):
Properties valued at over £500,000
Second Home & Buy-to-Let Properties
Stamp Duty surcharge (applicable to all purchases):
0.5%
0%
2%
5%
10%
12%*
0%
5%
Standard rates
3%
ISA & Junior ISA
ISA Annual investment limit:
Lifetime ISA
Help to Buy ISA
Junior ISA Annual investment limit:
£20,000
£4,000
£1,000 then £200/month
£9,000
Corporation Tax
All taxable profits:
19%
Investment Reliefs
Enterprise Investment Scheme Limit:
Enterprise Investment Scheme Limit relief rate:
Venture Capital Trust Limit:
Venture Capital Trust relief rate:
Seed Enterprise Investment Scheme Limit:
Seed Enterprise Investment Scheme relief rate:
£1,000,000
30%
£200,000
30%
£100,000
50%
Accreditations & Trade Bodies
