All figures are annual amounts.
Allowances
Personal allowance |
£11,500 |
Tapered on income above |
£100,000 |
Transferable to spouse/civil partner taxed at 20% |
£1,150 |
Trading income |
£1,000 |
Property income |
£1,000 |
Rent-a-room |
£7,500 |
Tax on earnings
Earnings to £33,500 |
20% |
£33,501 to £150,000 |
40% |
Over £150,000 |
45% |
Tax on earnings for Scottish residents
Earnings to £31,500 |
20% |
£31,501 to £150,000 |
40% |
Over £150,000 |
45% |
Tax on interest
First £5,000 |
0% |
20% taxpayers |
£1,000 @ 0% |
40% taxpayers |
£500 @ 0% |
Balance taxed at marginal rates |
Tax on dividends
First £5,000 |
0% |
Balance in band to £33,500 |
7.5% |
£33,501 to £150,000 |
32.5% |
Over £150,000 |
38.1% |
National insurance
Class 1 employers |
13.8% over £8,164 |
Under 21 (apprentices 25) |
0% to £45,000 |
Class 1 employees |
12% on £8,164 to £45,000; 2% above £45,000 |
Class 4 self-employed |
9% on £8,164 to £45,000; 2% above £45,000 |
Class 2 self-employed |
£148.20 Not payable if profits under £6,025 |
Class 3 voluntary |
£741 |
Employment allowance
Set against employer’s Class 1 NIC (Not available for one-person companies) |
£3,000 |
Pension contributions
No earnings |
£3,600 gross |
Otherwise |
100% of earnings |
Annual contribution caps: |
No pension taken |
£40,000 |
Some pension taken |
£4,000 |
Adjusted income over £150,000: |
annual cap tapered to |
£10,000 |
Lifetime pension fund cap |
£1m |
Corporation tax
VAT
Registration turnover |
£85,000 |
Deregistration turnover |
£83,000 |
Standard rate |
20% |
Reduced rate |
5% |
Inheritance tax
Nil rate band |
£325,000 |
Excess taxed at |
40% |
Where 10% left to charity |
36% |
Capital gains tax
Within basic tax rate |
10% |
Higher tax bands |
20% |
Surcharge for residential property and carried interest |
8% |
Entrepreneurs’ relief |
10% |
Annual exempt amount |
£11,300 |