Tax Tables

2018/19 Tax Tables

 

Income Tax
Rates 18/19 17/18
20% basic rate on income up to £34,500 £33,500
40% higher rate on income over £34,500 £33,500
45% additional rate on income over £150,000 £150,000
Starting rate of 0% on savings income up to £5,000 £5,000
Savings allowance at 0% tax: Basic rate taxpayer £1,000 £1,000
Higher rate taxpayers £500 £500
Additional rate taxpayer £0 £0
Dividend allowance at 0% tax – all individuals  £2,000 £5,000
Tax rates on dividend income: Basic rate 7.5% 7.5%
Higher rate 32.5% 32.5%
Additional rate 38.1% 38.1%
Trusts: Standard rate band generally £1,000 £1,000
Rate applicable to trusts: Dividends 38.1% 38.1%
Other income 45% 45%
Scottish taxpayers – non-dividend, non-savings income 18/19 17/18
19% (18/19 only) starter rate on income up to £2,000 N/A
20% basic rate on slice of income up to £12,150 £31,500
21% (18/19 only) intermediate rate on next slice up to £31,580 N/A
41% (40% 17/18) higher rate on next slice up to £150,000 £150,000
46% (45% additional rate 17/18) top rate on income over £150,000 £150,000

*Not available if taxable non-savings income exceeds the starting rate band.

 Main Personal Allowances and Reliefs 18/19 17/18
Personal allowance* £11,850 £11,500
Marriage/Civil partner’s transferable allowance £1,190 £1,150
Married couple’s/Civil partner’s allowance at 10%†
(if at least one born before 6/4/35) – maximum
£8,695 £8,445
minimum £3,360 £3,260
Blind person’s allowance £2,390 £2,320
Rent-a-room relief £7,500 £7,500
Property allowance and trading allowance (each) £1,000 £1,000

*£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) 18/19 17/18
at 30% £200,000 £200,000

 

Enterprise Investment Sceme (EIS) 18/19 17/18
 at 30% £1,000,000 £1,000,000
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%

 

 Registered Pensions 18/19 17/18
Lifetime allowance £1,030,000 £1,000,000
Money purchase annual allowance £4,000 £4,000
Annual allowance £40,000 £40,000
Annual allowance charge on excess applicable tax rate(s) on earnings 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.

*Subject to 50% taper down to £10,000 if threshold income is over £110,000 and
adjusted income is over £150,000

 National Insurance Contributions
 Class 1  Employee Employer
 NIC rate  12%  13.8%
No NICs for employees generally on the first £162 pw £162 pw
No NICs for younger employees* on the first £162 pw £892 pw
NICs rate charged up to £892 pw No limit
2% NICs on earnings over £892 pw N/A
Certain married women 5.85% 13.8%
 Employment Allowence
 Per business – not available if sole employee is a director  £3,000

 

Limits and Thresholds  Weekly Monthly Annual
 Lower earnings limit  £116 £503 £6,032
Primary threshold £162 £702 £8,424
Secondary threshold £162 £702 £8,424
Upper earnings limit (and upper secondary thresholds*) £892 £3,863 £46,350
Class 1A Employer On car and fuel benefits and most other taxable benefits provided to employees and directors 13.8%
Self-Employed Class 2 Flat rate £2.95 pw £153.40 pa
Self-Employed Small profits threshold:
no NICs if profits do not exceed
£6,205 pa
Self-Employed Class 4 On profits £8,424–£46,350 pa 9%
Over £46,350 pa 2%
Class 3 Flat rate £14.65 pw £761.80 pa

 

Basic State Pension 18/19 Weekly Annual
Single tier pension – where state pension age reached
after 5/4/16
£164.35 £8,546.20
Basic pension – single person* £125.95 £6,549.40
Basic pension – spouse/civil partner* £75.50 £3,926.00

*State pension age reached before 6/4/16

 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.

England & N Ireland – Stamp Duty Land Tax (SDLT) on slices of value
Residential Property Rate % Commercial Property Rate %
Up to £125,000  0  Up to £150,000 0
£125,001-£250,000  2  £150,001-£250,000 3
£250,001-£925,000  5  Over £250,000 5
£925,001-£1,500,000  10
Over £1,500,000  12

First-time buyers: 0% on first £300,000 for properties up to £500,000 Residential properties bought by companies etc over £500,000: 15% of total consideration

 

Scotland – Land and Buildings Transaction Tax (LBTT) on slices of value
 Residential property Rate % Commercial property Rate %
 Up to £145,000 0 Up to £150,000  0
£145,001-£250,000 2 £150,001-£350,000 3
£250,001-£325,000 5 Over £350,000 4.5
£325,001-£750,000 10
Over £750,000 12

First-time buyers: 0% on first £175,000: max relief £600 from 06/18 (TBC)

 

 

Wales – Land Transaction Tax (LTT) on slices of value (from 1/4/18)
 Residential property Rate % Commercial property Rate %
 Up to £180,000 0 Up to £150,000 0
£180,001-£250,000 3.5 £150,001-£250,000 1
£250,001-£400,000 5 £250,001-£1,000,000 5
£400,001-£750,000 7.5 Over £1,000,000 6
£750,001-£1,500,000 10
 Over £1,500,000  12

 

Tax-Free Savings 18/19 17/18
Individual Savings Account (ISA) £20,000 £20,000
Lifetime ISA £4,000 £4,000
Help to Buy ISA £1,000 initial and £200 per month £1,000 initial and £200 per month
Junior ISA and Child Trust Fund £4,260 £4,128

 

Capital Gains Tax
Tax Rates – Individuals 18/19 17/18
 Within UK basic rate income tax band  10% 10%
Within UK higher and additional rate income tax bands 20% 20%
Tax Rate – Trusts and Estates 20% 20%
Surcharge for residential property and carried interest 8% 8%
 Exemptions
 Annual exempt amount: Individuals, estates, etc  £11,700  £11,300
Trusts generally £5,850 £5,650
Chattels: gain limited to 5⁄3 rds of proceeds exceeding £ 6,000 £ 6,000

 

Entrepreneurs’ Relief
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  18/19 17/18
 Nil-rate band*  £325,000  £325,000
Residence nil-rate band*† £125,000 £100,000
Rate of tax on excess 40% 40%
Rate if at least 10% of net estate left to charity 36% 36%
Lifetime transfers to and from certain trusts 20% 20%
Overseas domiciled spouse/civil partner exemption £325,000 £325,000

100% relief: businesses, unlisted/AIM companies, certain farmland/buildings
50% relief: certain other business assets e.g. farmland let before 1/9/95
Annual exempt gifts of: £3,000 per donor £250 per donee
*The unused proportion of a deceased spouse’s/civil partner’s nil-rate band(s) can be claimed on the survivor’s death
†Subject to 50% taper for estates above £2,000,000

 

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

 

Corporation Tax Profits Diverted Profits
Year to 31/3/19  19% 25%
Year to 31/3/18 19% 25%

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.

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