Income Tax allowances table for 2013-14, 2014-15 and 2015-16
|Income Tax allowances||2013-14||2014-15||2015-16|
|Personal Allowance for people born after 5 April 1948||£9,440||£10,000||£10,600|
|Income limit for Personal Allowance||£100,000||£100,000||£100,000|
|Personal Allowance for people born between 6 April 1938 and 5 April 1948||£10,500||£10,500||£10,600|
|Personal Allowance for people before 6 April 1938||£10,660||£10,660||£10,660|
|Maximum amount of Married Couple's Allowance (born before 6th April 1935)||£7,915||£8,165||£8,355|
|Income limit for the allowances for those born before 6 April 1948||£26,100||£27,000||£27,700|
|Minimum amount of Married Couple's Allowance||£3,040||£3,140||£3,220|
|Blind Person's Allowance||£2,160||£2,230||£2,290|
|Transferable Tax Allowance for married couples and civil partners *||-||-||£1,060|
Income Tax rates and taxable bands 2013-14, 2014-15 and 2015-16
|Starting rate for savings: 0% ++||£0 - £2,790||£0 - £2,880||£0 - £5,000|
|Basic rate: 20%||£0 - £32,010||£0 - £31,865||£0 - £31,785|
|Higher rate: 40%||£32,011 - £150,000||£31,866 - £150,000||£31,786 - £150,000|
|Additional rate: 45% from 6 April 2013||Over £150,000||Over £150,000||Over £150,000|
National Insurance Contributions
You pay National Insurance contributions to build up your entitlement to certain state benefits, including the State Pension. The contributions you pay depend on how much you earn and whether you’re employed or self-employed. You stop paying National Insurance contributions when you reach State Pension age.
National Insurance contributions – rates and allowances
|£ per week||2013-14||2014-15||2015-16|
|Lower earnings limit, primary Class 1||£109||£111||£112|
|Upper earnings limit, primary Class 1||£797||£805||£815|
|Upper accrual point||£770||£770||£770|
|Employees' primary Class 1 rate between primary threshold and upper earnings limit||12%||12%||12%|
|Employees' primary Class 1 rate above upper earnings limit||2%||2%||2%|
|Class 1A rate on employer provided benefits (1)||13.8%||13.8%||13.8%|
|Employees' contracted-out rebate (for contracted-out salary related schemes only)||1.4%||1.4%||1.4%|
|Married women's reduced rate between primary threshold and upper earnings limit||5.85%||5.85%||5.85%|
|Married women's rate above upper earnings limit||2%||2%||2%|
|Employers' secondary Class 1 rate above secondary threshold||13.8%||13.8%||13.8%|
|Employers' contracted-out rebate, salary-related schemes||3.4%||3.4%||3.4%|
|Employers' contracted-out rebate, money-purchase schemes||N/A||N/A||N/A|
|Class 2 rate||£2.70||£2.75||£2.80|
|Class 2 small earnings exception||£5,725 per year||£5,885 per year||£5,965 per year|
|Special Class 2 rate for share fishermen||£3.35||£3.40||£3.45|
|Special Class 2 rate for volunteer development workers||£5.45||£5.55||£5.60|
|Class 3 rate||£13.55||£13.90||£14.10|
|Class 4 lower profits limit||£7,755 per year||£7,956 per year||£8,060 per year|
|Class 4 upper profits limit||£41,450 per year||£41,865 per year||£42,385 per year|
|Class 4 rate between lower profits limit and upper profits limit||9%||9%||9%|
|Class 4 rate above upper profits limit||2%||2%||2%|
|Additional primary Class 1 percentage rate on deferred employments||2%||2%||2%|
|Additional Class 4 percentage rate where deferment has been granted||2%||2%||2%|
Corporation Tax Rates for financial years starting on 1 April
|Small profits rate*||20%*||20%*||20%*|
|Small profits rate can be claimed by qualifying companies with profits at a rate not exceeding||£300,000||£300,000||£300,000|
|Marginal Relief Lower Limit||£300,000||£300,000||£300,000|
|Marginal Relief Upper Limit||£1,500,000||£1,500,000||£1,500,000|
|Main rate of Corporation Tax*||23%*||21%*||20%*|
|Special rate for unit trusts and open-ended investment companies||20%*||20%*||20%*|
* Ring fence companies
For companies with ring fence profits (income and gains from oil extraction activities or oil rights in the UK and UK Continental Shelf) these rates differ. The small profits rate of tax on those profits is 19% and the ring fence fraction is 11/400 for financial years starting 1 April 2011, 2012, 2013 and 2014. The main rate is 30% for financial years starting on 1 April 2011, 2012, 2013 and 2014.
Capital Gains Tax
Tax-free allowances for Capital Gains Tax
The annual tax-free allowance (known as the Annual Exempt Amount) allows you to make a certain amount of gains each year before you have to pay tax.
Nearly everyone who is liable to Capital Gains Tax gets this tax-free allowance.
There’s one Annual Exempt Amount for:
- most individuals who live in the UK
- executors or personal representatives of a deceased person’s estate
- trustees for disabled people
Most other trustees get a lower Annual Exempt Amount.
Annual Exempt Amounts
|Individuals, personal representatives and trustees for disabled people||£10,900||£11,000||£11,000|
Rates for Capital Gains Tax (2011-12, 2012-13 and 2013-14)
The following Capital Gains Tax rates apply:
- 18% and 28% tax rates for individuals (the tax rate you use depends on the total amount of your taxable income, so you need to work this out first).
- 28% for trustees or for personal representatives of someone who has died.
- 10% for gains qualifying for Entrepreneurs’ Relief.
Tax-free allowances for Capital Gains Tax
The Inheritance Tax threshold (or ‘nil rate band’) is the amount up to which an estate will have no Inheritance Tax to pay.
If the estate – including any assets held in trust and gifts made within seven years of death – is more than the threshold, Inheritance Tax will be due at 40 per cent on the amount over the nil rate band.
From 6 April 2012 people who leave 10 per cent or more of their net estate to charity can choose to pay a reduced rate of Inheritance Tax of 36 per cent.
|From||To||Threshold / Nil Rate Band|
|6 April 2009||5 April 2015||£325,000|
|6 April 2008||5 April 2009||£312,000|
|6 April 2007||5 April 2008||£300,000|
|6 April 2006||5 April 2007||£285,000|
|6 April 2005||5 April 2006||£275,000|
Stamp Duty Land Tax
Stamp Duty Land Tax (SDLT) is charged on land and property transactions in the UK. The tax is charged at different rates and has different thresholds for different types of property and different values of transaction.
Residential land or property SDLT rates and thresholds
|Purchase price/lease premium or transfer value||SDLT rate|
|Up to £125,000||Zero|
|£125,001 to £250,000||2%|
|£250,001 to £925,000||5%|
|£925,001 to £1.5 million||10%|