Tax Rates

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Tax Rates 2019/20 and 2017/18

 

Income Tax   2019/20 2017/18
Starting savings rate 0% £0 -£5,000 £0 – £5,000
Basic Rate 20% £0 -£34,500 £0 – £33,500
Higher Rate 40% £34,501 – £150,000 £33,500 – £150,000
Additional Rate 45% Over £150,000 Over £150,000
Dividends Received 2019/20 2017/18
Dividend Allowance £2,000  £5,000
Basic Rate 7.5%  7.5%
Higher Rate 32.5% 32.5%
Additional Rate 38.1% 38.1%
Main Personal Allowanced 2019/20 2017/18
Personal Saving Allowance
Basic Rate Taxpayers £1,000  £1,000
Higher Rate Taxpayers £500  £500
Personal Allowance £11,850 £11,500
Income limit for Personal All. £100,000 £100,000
Transferable Married Allowance £1,185 £1,150
Rent a Room Relief £7,500 £7,500
CGT Allowance £11,700 £11,300
CGT Allowance Trusts & Estates £5,850 £5,650
Capital Gains Tax Residential Other 2017/18
Up to Basic Rate 18% 10% 10%
Over Basic Rate 28% 20% 20%
Trusts & Estates 28% 20% 20%
Entrepreneurs £10m 10% 10%
Corporation Tax 2019/20 2017/18
Corporation Tax Rate 19% 19%
VAT 2019/20 2017/18
Threshold £85,000 £85,000
Deregistration £83,000 £83,000
National Insurance   2019/20 2017/18
Class 1
Lower Earnings limit £113 £113
Primary threshold £162 £157
Employee 12% £162.01 – £892 £157.01 – £866
Employee higher rate 2% Over £892 Over £866
Employer & Class 1A 13.8% Over £162 Over £157.01
Under 21 0% 0%
Class 2 – Self Employed
Flat rate per week £2.95 £2.85
Annual Profit Threshold £6,205 £6,025
Class 3 – Voluntary
Flat rate per week £14.65 £14.25
Class 4 – Self Employed
Profits 9% £8,424 – £46,350 £8,164 – £45,000
Profits 2% Over £46,350 Over £45,000
Minimum Wages  April 2018 April 2017
Workers 25 and over  £7.83 £7.50
Workers 21 to 24  £7.38 £7.05
Workers 18 to 20  £5.90 £5.60
Workers 16 to 17  £4.20 £4.05
Apprentices 16 to 18  £3.70 £3.50
Inheritance Tax 2019/20 2017/18
Nil rate band £325,000 £325,000
Rate on excess 40% 40%
Capital Allowances excl Cars 2019/20 2017/18
Annual Investment Allowance £200,000 £200,000
P&M 18% 18%
Long-life assets 8% 8%
Official Interest Rate 3% 3%
Pension Schemes 2019/20 2017/18
Lifetime Allowance £1m £1m
Annual Allowance £40,000 £40,000