Tax Rates

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Tax Rates 2018/19 and 2019/20

 

Income Tax   2018/19 2019/20
Starting savings rate 0% £0 -£5,000 £0 – £5,000
Basic Rate 20% £0 -£34,500 £0 – £37,500
Higher Rate 40% £34,501 – £150,000 £37,500 – £150,000
Additional Rate 45% Over £150,000 Over £150,000
Dividends Received 2018/19 2019/20
Dividend Allowance £2,000  £2,000
Basic Rate 7.5%  7.5%
Higher Rate 32.5% 32.5%
Additional Rate 38.1% 38.1%
Main Personal Allowanced 2018/19 2019/20
Personal Saving Allowance
Basic Rate Taxpayers £1,000  £1,000
Higher Rate Taxpayers £500  £500
Personal Allowance £11,850 £12,500
Income limit for Personal All. £100,000 £100,000
Transferable Married Allowance £1,185 £1,250
Rent a Room Relief £7,500 £7,500
CGT Allowance £11,700 £12,000
CGT Allowance Trusts & Estates £5,850 £6,000
Capital Gains Tax Residential Other 2019/20
Up to Basic Rate 18% 10% 10%
Over Basic Rate 28% 20% 20%
Trusts & Estates 28% 20% 20%
Entrepreneurs £10m 10% 10%
Corporation Tax 2018/19 2019/20
Corporation Tax Rate 19% 19%
VAT 2018/19 2019/20
Threshold £85,000 £85,000
Deregistration £83,000 £83,000
National Insurance   2018/19 2019/20
Class 1
Lower Earnings limit £116 £116
Primary threshold £162 £166
Employee 12% £162.01 – £892 £166.01 – £962
Employee higher rate 2% Over £892 Over £962
Employer & Class 1A 13.8% Over £162 Over £166
Under 21 0% 0%
Class 2 – Self Employed
Flat rate per week £2.95 £3.00
Annual Profit Threshold £6,205 £6,365
Class 3 – Voluntary
Flat rate per week £14.65 £15.00
Class 4 – Self Employed
Profits 9% £8,424 – £46,350 £8,632 – £50,000
Profits 2% Over £46,350 Over £50,000
Minimum Wages  April 2018 April 2019
Workers 25 and over  £7.83 £8.21
Workers 21 to 24  £7.38 £7.70
Workers 18 to 20  £5.90 £6.15
Workers 16 to 17  £4.20 £4.35
Apprentices 16 to 18  £3.70 £3.90
Inheritance Tax 2018/19 2019/20
Nil rate band £325,000 £325,000
Rate on excess 40% 40%
Capital Allowances excl Cars 2018/19 2019/20
Annual Investment Allowance £200,000 £1,000,000
P&M 18% 18%
Long-life assets 8% 8%
Official Interest Rate 2.5% 2.5%
Pension Schemes 2018/19 2019/20
Lifetime Allowance £1m £1m
Annual Allowance £40,000 £40,000