Tax Data

Main Income Tax Reliefs

2016/17

2015/16

2014/15

Personal Allowance Basic

£11,000

£10,600

£10,000

Personal Allowance (born 6/4/38 to 5/4/48)

n/a

£10,600

£10,500

Personal Allowance (born before 6/4/38)

n/a

£10,660

£10,660

Married Couples Allowance Basic

withdrawn

withdrawn

withdrawn

Income Limit for age related allowance

n/a

£27,700

£27,000

Blind Persons Allowance

£2,290

£2,290

£2,230

Widows Bereavement Allowance

withdrawn

withdrawn

withdrawn

Inheritance Tax Threshold

£325,000

£325,000

£325,000

Capital Gains Tax Exemption: Individuals etc.

£11,100

£11,100

£11,000

Capital Gains Tax Exemption: Trustees

£ 5,550

£5,550

£5,500

 

Income Tax Rates

2016/17

2015/16

2014/15

0% (2015/16) 10% (2014/15) on Savings up to

£5,000

£5,000

£ 2,800

20% on first

£32,000

£31,785

£31,865

40% on Income over

£32,000

£31,785

£31,865

50% on Income over

£150,000

£150,000

£150,000

Dividends for basic rate taxpayers

7.5%

10%

10%

Dividends for higher rate taxpayers

32.5%

32.5%

32.5%

Dividends for Additional rate taxpayers 38.1% 37.5%  

 

Corporation Tax Rates

Year to 31/3/2017

Year to 31/3/2016

Year to 31/3/2015

Small Companies Rate

20%

20%

20%

Small Companies Rate band

no longer applicable

no longer applicable

0 – £ 300,000

Marginal Relief

no longer applicable

no longer applicable

300,00 – £1.5 million

Main Companies Rate

20%

20%

21%

Main Companies Rate on

no longer applicable

no longer applicable

Over £1,500,000

Marginal Relief

no longer applicable

no longer applicable

£ 300,000 - £1,500,000

Effective marginal rate (7/400)

20%

20%

21.25%

 

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For information of users:
This material is published for the information of clients. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm.