2017/18 Tax Tables
|On savings income up to*||£5,000||£5,000|
|Basic rate of 20% on income up to||£33,500||£32,000|
|Higher rate of 40% on income||£33,500-£150,000||£32,001-£150,000|
|Additional rate of 45% on income over||£150,000||£150,000|
|Dividends for: Basic rate taxpayers||7.5%||10%|
|Higher rate taxpayers||32.5%||32.5%|
|Additional rate taxpayers||38.1%||37.5%|
|Trusts: Standard rate band generally||£1,000||£1,000|
|Rate applicable to trusts – dividends||38.1%||37.5%|
|Rate applicable to trusts – other income||45%||45%|
*Not available if taxable non-savings income exceeds the starting rate band.
Main Personal Allowances and Reliefs
|Personal reduced if net income exceeds*||£100,000||£100,000|
|Transferable tax allowance for married couples||£1,150||£1,100|
|Personal (age) if born between 6/4/38 and 5/4/48||N/A||N/A|
|Personal (age) if born before 6/4/38||£11,500||£11,000|
|Personal (age) reduced if net income exceeds*||£27,700||£27,700|
|Married couple’s allowance*† – maximum||£8,445||£8,355|
|Married couple’s allowance*† – minimum||£3,260||£3,220|
|Blind person’s allowance||£2,320||£2,290|
|Rent-a-room tax-free income||£7,500||£7,500|
*£1 reduction for every £2 of additional income over the income threshold.
†Relief at 10% if at least one of the couple was born before 6/4/35.
Venture Captital Trust (VCT) at 30%
|Tax-free dividends. No CGT on disposal.||£200,000||£200,000|
Enterprise Investment Sceme (EIS) at 30%
|EIS eligible for CGT deferral relief||No Limit||No Limit|
|Seed EIS (SEIS) at 50%||£100,000||£100,000|
|SEIS CGT reinvestment relief||50%||50%|
|Money purchase annual allowance||£4,000||£10,000|
|Annual allowance charge on excess||20%–45%||20%–45%|
Max. pension commencement lump sum 25% of pension benefit value
Lifetime allowance charge if excess drawn as cash 55% / income 25%
Maximum relievable personal contribution capped by the annual allowance
and 100% of relevant UK earnings or £3,600 if greater.
National Insurance Contributions
|Class 1 Employed Not Contracted-Out of State Second Pension (S2P) 17/18||Employee||Employer|
|NICs charged up to||£886 pw||No limit|
|2% NICs on earnings over||£886 pw||N/A|
Limits and Thresholds
|Lower earnings limit||£113||£490||£5,880|
|Primary earnings threshold||£157||£680||£8,160|
|Secondary earnings threshold||£157||£680||£8,160|
|Upper accrual point||£770||£3,337||£40,040|
|Upper earnings limit and upper secondary earnings threshold (under 21)||£866||£3,750||£45,000|
|Self-Employed Class 2 Flat rate||£2.85 pw||£148.20 pa|
|Self-Employed Small profits threshold||£6,025 pa|
|Self-Employed Class 4||On profits||£8,164–£45,000 pa||9%|
|Over £45,000 pa||2%|
|Class 3 Voluntary Flat rate||£14.25 pw||£741.00 pa|
Basic State Pension
|Full basic state pension||£159.55||£8,296.60|
Property Transaction Taxes (SDLT)
Note: 15% on total value of all UK properties worth over £500,000 if purchased
by companies and certain other non-natural entities.
Stamp Duty and SDRT: Stocks and marketable securities 0.5%
No charge to stamp duty unless amount due exceeds £5.
|Residential property value UK (excl. Scotland) on slices||Rate %|
|Up to £125,000||0|
|Individual Savings Account (ISA)||£20,000|
|Junior ISA and Child Trust Fund||£4,128|
Capital Gains Tax (CGT)
|Tax Rates – Individuals||17/18||16/17|
|Up to basic rate limit||10% / 18%||18%|
|Above basic rate limit||20% / 28%||28%|
|Tax Rate – Trusts and Estates||20% / 28%||28%|
*8% surcharge on residential property
|Chattels exemptions: proceeds up to||£6,000||£6,000|
|Max. chargeable gains 5⁄3 rds of excess proceeds over limit.|
|Gains taxed at 10% up to lifetime limit of||£10,000,000||£10,000,000|
For trading businesses and companies (minimum 5% employee/director
shareholding) held for one year or more.
Inheritance Tax (IHT)
|Rate of tax on excess||40% †||40%†|
|Lifetime transfers to and from certain trusts||20%||20%|
|Exemption for non-UK domiciled
100% relief: businesses, unlisted and AIM companies, certain farmland/buildings
50% relief: certain other business assets e.g. farmland let pre 1/9/95
Annual exempt gifts of: £3,000 per donor £250 per donee *Up to 100% of the unused proportion of a deceased spouse’s/civil partner’s nil-rate band can be claimed on the survivor’s death.
†36% where at least 10% of net estate left to charity.
Resident Nil Rate Band (RNRB) introduced April 2017 at £125,000 and increasing to £150,000 in April 2018 and £175,000 in April 2019.
Tax charge on gifts within 7 years of death
|Years before death||0 – 3||3 – 4||4 – 5||5 – 6||6 – 7|
|% of death tax charge||100||80||60||40||20|
|Effective rate on profits to||31/3/18||31/3/17|
The Tax Tables are for information only based on our understanding of tax rates and reliefs. We are not responsible for any errors or omissions and nothing on this page constitutes tax advice. If you would like advice, please get in touch.