Tax Rates and Allowances

Transcription

1 Tax Rates and Allowances Please select from below: Income Tax National Insurance Contributions Working and Child Tax Credits Child Benefit and Guardian's Allowance Tax Free Savings Account Fuel Benefit Charge Van Benefit Charge VAT Capital Allowances Corporation Tax Authorised Mileage Rates Pension Contributions Inheritance Tax Stamp Duty Income Tax Income Tax Allowances 5/ Personal Allowance (1) 11,000 N/A N Born after 5 April 1948 N/A 10, Born between 6 April 1938 and 5 April 1948 N/A 10, Born before 6 April 1938 N/A 10, Personal Savings Allowance Basic Rate 1,000 N/A N Taxpayers Personal Savings Allowance Higher Rate Taxpayers 500 Income Limit for Personal Allowance (2) 100, , Income limit for age-related allowances 27,700 27, (Married Couples Allowance from ) (3) Blind Person s allowance 2,290 2,290 2, Married Couple s allowance (2) (4) 8,355 8,355 8, Transferable Tax Allowance for married 1,100 1,060 N couples and civil partners (5) Dividend allowance (6) 5,000 N/A N Rent a room limit 7,500 4,250 4, individuals' date of birth. 1 / 5

2 2. The personal allowance is reduced by 1 for every 2 of income in excess of the 100,000 limit irres of date of birth. 3. Allowances for individuals born before 6 April 1948 reduce by 1 for every 2 of income in excess o income limit, reducing to the standard personal allowance ( 11,000). Such allowances can be reduc further under (2).From the only age-related allowances will be married couples allowance s 4. The relief is limited to 10% and can only be claimed if at least one spouse was born before 6 April 19 allowance is reduced where income exceeds the age related income limit, down to a minimum of /2017 ( 3, /2016). Please note the allowance extends to Civil Partnerships. 5. Available to those born after 5 April It allows a spouse or civil partner who is not liable to inco above the basic rate to transfer this amount of their personal allowance to their spouse/civil partner recipient must not be liable to tax above the basic rate. 6. From April 2016, the new Dividend Allowance means that individuals will not have to pay tax on the Tax bands and corresponding t 1. From there has been a starting rate for savings income only. If an individual s taxable non-s 5,000 of dividend income they receive. 5/ Starting Rate for savings income (1) 0% 0% 10 Basic Rate 20% 20% 20 Higher Rate 40% 40% 40 Additional Rate 45% 45% 45 Dividend ordinary rate - otherwise taxable at 7.5% 10% (0%) 10% basic rate (effective rate with tax credit)(2) Dividend upper rate - otherwise taxable at 32.5% 32.5% (25%) 32.5% higher rate (effective rate with tax credit)(2) Dividend additional rate - otherwise taxable at 38.1% 37.5% (30.6%) 37.5% additional rate (effective rate with tax credit)(2) Starting Rate limit (Savings income) (1) 5,000 5,000 2, Basic Rate 5,001-32,000 5,001-31,785 2,881 - Higher Rate 32, ,000 31, ,000 31,866 - Additional Rate Over 150,000 Over 150,000 Over 1 not be available for savings income. 2. From April 2016 the dividend tax credit will be abolished and replaced with a new 5,000 Dividend National Insurance Contributions Rates 5/16 Class 1 (Earnings between Primary and Upper 12% 12% earnings limits) Class 1 (Earnings above Upper earnings limit) 2% 2% Class 1A (Employers NI earnings over Primary 13.8% 13.8% earnings limit) Class 1A (Employers NI on Benefits) 13.8% 13.8% Class 2 (Flat rate for self-employed) 2.80 per week 2.80 per week Class 3 (Voluntary) per week per week Class 4 (Self-Employed Profits between Lower 9% 9% and Upper earnings limits) Class 4 (Self-Employed profits above Upper earnings limit) 2% 2% 2015/16 Thre Weekly Lower Earnings Limit (LEL) (1) Weekly Primary Threshold (PT) (1) / 5

3 Secondary Threshold (ST) (2) Upper Earnings (UEL) Upper Profits Limit (UPL) 43,000 per year 42,385 per year Upper Secondary Thresholds for U21 s (3) Small Earnings Exception (SEE)/Small Profits 5,965 per year 5,965 per year Threshold (SPT) (1) Lower Profits Limit (LPL) (1) 8,060 per year 8,060 per year Employment Allowance 3,000 per year 2,000 per year Apprentice Upper Secondary Threshold (AUST) for under 25 s 827 N/A Working and Child Tax Credits Working Tax Credit Basic Element,1960,1 Couple and lone parent element 2,010 2, 30 hour element Disabled worker element 2,970 2, Severe disability element 1,275 1, CHILDCARE ELEMENT Maximum eligible cost for one child 175 per week 175 p Maximum eligible cost for two or more children 300 per week 300 p Percent of eligible costs covered 70% 70 Family element Child element 2,780 2, Disabled child element 3,140 3, Severely disabled child element 1,275 1, Child Benefit First Child Child Benefit Second and subsequent children Guardian s Allowance Individual Savings Account (ISA) subscription 15 limit Junior ISA subscription limit 4, Child Trust Fund (CTF) subscription limit 4, Help to Buy ISA Government Bonus up to (3) 3, 1. Took effect from 1 July 2014, between 2 April and 30 June 2014 the total annual subscription limit for 2014/15 was 11,880 of which up to 5,940 could be placed in a cash ISA. 2. Took effect from 1 July 2014, Between 2 April and 30 June 2014 the junior ISA and CTF annual subscription limit for 2014/15 was 3, (3) HMRC will uplift 25% of contributions into the ISA for first time buyers, so for every 200 paid in HMRC will add 50. Fuel Bene 3 / 5

4 5/16 Car fuel benefit charge multiplier 22,200 22,100 Van fuel benefit charge Van benefit charge 3,170 3, For taxpayers gains falling in the basic rate tax 10% (18%) band (residential property and carried interest) For trustees and taxpayers gains falling into 20% (28%) higher/additional rate tax bands (residential property and carried interest) Annual Exempt Amount Individuals 11,100 Annual Exempt Amount Trusts 5,550 Entrepreneurs relief lifetime limit 10m Entrepreneurs rate 10% VA VAT R Budge Standard rate 20 Reduced rate Registration threshold 83 De-registration theshold 81 Plant & Machinery (1) Plant & Machinery in certain enterprise zones Motor cars on or after April 2009 CO2 emissions <75g/km >76g/km 130g/km (1) >130g/km (1) Over 12,000 and acquired before 2009/10 (2) New and unused zero emission goods vehicles Long life assets / integral features in buildings (1) Research and Development Energy saving and water efficient plant and machinery Renovation of business premises (disadvantaged areas) 1. Allowances are given on a reducing basi 2. Reducing balance (maximum 3,000). U period ending on or after 31 March/5 Ap 100% allowance up to 4 / 5

5 Powered by TCPDF ( CA First 10, Addition Each qualify OTHER V Motor Bi 1. Tax allow 1-300, ,001-1,500,000 Over 1,500, For Inherit 5/16 Nil Rate Band 1 325,000 0% 0% Over 325,000 40% 40% INCREMENTAL RATES AS OF 4/12/ , , , , , ,001-1,500,000 Above 1,500,000 OLD SLAB TREATMENT - PRE 04/12/ , , , , ,000 Above 500, Purchases below 40,001 will be exempt from the SDLT surcharge Article ID: 2435 Last updated: 23 Aug, 2016 Revision: 7 Tax Return Production -> Tax Rates and Allowances 5 / 5