|
Income Tax Rates
|
Rate on taxable income
|
Band, £(GBP)
|
Rate,%
|
|
Starting savings rate
|
0 - £2,880
|
10*
|
|
Basic rate
|
Up to £31,865
|
20**
|
|
Higher rate
|
£31,866 - £150,000
|
40***
|
| Additional rate |
over £150,000 |
45**** |
|
* Starting savings rate is available for savings income only. The rate 10% is not available if taxable non-savings income exceeds £2,880.
** except dividends (10%)
*** except dividends (32.5%)
**** except dividends (37.5%)
|
|
|
Allowances and Reliefs
|
|
£ (GBP)
|
|
Personal allowance for people born after 5 April 1948
|
10,000
|
|
Income limit for personal allowance
|
100,000 |
|
Personal allowance for people born between 6 April 1938 and 5 April 1948
|
10,500
|
|
Personal allowance for people born before 6 April 1938
|
10,660
|
|
Married couple's allowance before 6 April 1935
|
|
Married couple's allowance maximum amount
|
8,165
|
|
Married couple's allowance minimum amount
|
3,140
|
|
Income Limit for personal allowances (born before 6 April 1948)
|
27,000
|
| Blind person's allowance |
2,230
|
|
|
Corporation Tax
|
Taxable profit £ (GBP)s
|
|
Small businesses (0 - 300,000)
|
20%
|
|
300,001 - 1,500,000
|
1/400 fraction
|
|
Main rate for businesses (over 1,500,000)
|
21%
|
|
|
Capital Allowances
|
|
|
|
Annual investment allowance on new purchase of plant and machinery (increase for two years from 01/01/2013)
|
£500,000
|
|
First year allowance for business expenditure on new low rate (110g/km) emission vehicles
|
100%
|
|
|
|
|
Writing-down allowances
|
%
|
|
Integral features
|
8
|
|
Long Life assets
|
8
|
|
Other plant and machinery
|
18
|
|
Industrial/agricultural buildings
|
Nil
|
|
Vehicles with emissions less than or equal to 95g/km
|
100%
|
|
Vehicles with emissions between 96g/km and 130g/km
|
18
|
|
Vehicles with emissions over 130g/km
|
8
|
|
|
Capital Gains Tax
|
Higher rate taxpayers
|
28%
|
|
Standard rate taxpayers
|
18%
|
|
Rates for trustees and personal representatives
|
28%
|
|
Individual annual exemption
|
£11,000
|
|
Trusts annual exemption
|
£5,500
|
|
Entrepreneurs’ relief life time limit
|
£10,000,000
|
|
Entreprenuers' rate
|
10%
|
|
|
Individual Savings Accounts (ISAs) Between 6 April 2014 and 1 July 2014
|
Max annual contributions – Total overall annual investment limit
|
£11,880
|
|
Comprising - Cash up to £5,940 max, Balance in stock and shares £5,940 max
|
|
|
Individual Savings Accounts (ISAs) After 1 July 2014
|
Max annual contributions – Total overall annual investment limit
|
£15,000
|
|
a combination of amounts between a Cash and Stocks and Shares NISA, up to the overall annual limit of £15,000
|
|
|
VAT
|
Standard Rate
|
20%
|
|
Lower Rate
|
5%
|
|
Zero Rate
|
0%
|
|
Annual Turnover Limits for registration - last 12 months or if turnover is going to exceed within the next 30 days
|
£81,000
|
|
Annual Turnover Limits for de-registration
|
£79,000
|
|
|
National Insurance Contributions
|
Weekly earnings £(GBP)
|
Not contracted out
|
|
Class I (employment) Employee’s rate
|
|
| Up to 153 |
Nil
|
| 153.01 to 805 |
12%
|
| Earnings over 805 |
2%
|
|
Employment allowance, per employer, per year
|
£2,000
|
|
Employer’s rates
|
|
| Up to 153 |
Nil
|
| Above 153 |
13,8%
|
|
Class 2
Annual small earning exception is £5,885 per year
Class 2 rate per week is £2.75
|
|
|
Class 4
Lower annual earnings limit is £7,956
|
|
| Upper annual earnings limit is £41,865 |
|
| |
|
| Class 4 rate between lower and upper earnings limit |
9%
|
| Class 4 rate above upper earnings limit |
2%
|
|
|
Stamp Duty. After 4th December 2014 the new rates are.
|
Residential
|
|
|
£125,000 or less
|
Nil (*a)
|
|
£125,001-250,000
|
1% (*a)
|
|
£250,001-500,000
|
3%
|
|
£500,001-1,000,000
|
4%
|
| £1,000,001-2,000,000 |
5%
|
| Over £2,000,000 |
7%
|
| Over £500,000 purchased by companies |
15%
|
|
Non-residential
|
|
|
£150,000 or less - annual rent less than 1,000
|
Nill
|
| £150,000 or less - annual rent 1,000 or more |
1%
|
|
£150,001 – 250,000
|
1%
|
|
£250,001-500,000
|
3%
|
|
Over £500,000
|
4%
|
|
Shares and Securities
|
Standard rate - 0.5%, higher rate - 1.5%
|
|
* (a) £150,000 for property in disadvantaged area
|
|
|
Annual Tax on Enveloped Dwellings
|
Property value is from £2 million to £5 million
|
£15,400
|
|
Property value is from £5 million to £10 million
|
£35,900
|
|
Property value is from £10 million to £20 million
|
£71,850
|
|
Property value is above £20 million
|
£143,750
|
|
