Useful information

Income tax, capital gains tax, and inheritance tax

£ per year (unless stated)

2014-15 (£)

2015-16 (£)

Income tax personal and age-related allowances

Personal allowance (age under 65)

10,000

10,600

Personal allowance (age 65-75)

10,500

10,600

Personal allowance (age 75 and over)

10,660

10,660

Married couple's allowance (age 77 and over)

8,165

8,355

Married couple's allowance - minimum amount

3,140

3,220

Income limit for age-related allowances
(2013-14 figure applies to those aged 65+)

27,000

27,700

Income limit for under 65 personal allowance

100,000

100,000

Blind person's allowance

2,230

2,290

Capital gains tax annual exempt amount

Individuals etc.

11,000

11,100

Most trustees

5,500

5,550

Individual inheritance tax allowance

325,000

325,000

Pension schemes allowances

Annual Allowance

40,000

40,000

Lifetime Allowance

1,250,000

1,250,000


Income tax: Taxable bands

 

2014-15 (£)

2015-16 (£)

Starting rate*: 10%

0-2,880

0-5,000

Basic rate: 20%

0-31,865

0-31,785

Higher rate: 40%

31,866-150,000

31,786-150,000

Additional Rate: 50% (reduced 5% in 2013-14)

Over 150,000 (45%)

Over 150,000 (45%)

* Only available if non savings income is less than this amount; this rate has also been reduced to 0% for 2015-16.


Capital gains tax rates

 

2014-15 (£)

2015-16 (£)

Standard rate of CGT

 18% 18%

Higher rate (for higher rate income tax payers)

 28% 28%

Rate for Entrepreneurs 

 10% 10%


Corporation tax on profits

£ per year (unless stated)

2014-15 (£)

2015-16 (£)

0-300,000

20%

20%

300,001-1,500,000

Marginal rate

Marginal rate

1,500,001 or more

21%

21%


National insurance contributions

per week (unless stated)

2014-15 (£)

2015-16 (£)

Lower earnings limit, primary Class 1

111

112

Upper earnings limit, primary Class 1

805

815

Upper Accruals point

770

770

Primary threshold

153

155

Secondary threshold

153

156

Upper secondary threshold (for those under 21)

n/a

815

Employees’ primary Class 1 rate between primary threshold and upper earnings limit

12%

12%

Employees’ primary Class 1 rate above upper earnings limit

2%

2%

Employees’ contracted-out rebate - salary-related schemes

1.4%

1.4%

Married women’s reduced rate between primary threshold and upper earnings limit

5.85%

5.85%

Married women’s rate above upper earnings limit

2%

2%

Employers’ secondary Class 1 rate above secondary threshold

13.8%

13.8%

Class 2 rate

2.75

2.80

Class 2 small earnings exception (per year)

5,885

5,965

Special Class 2 rate for share fishermen

3.40

3.45

Special Class 2 rate for volunteer development workers

5.55

5.60

Class 3 rate (per week)

13.90

14.10

Class 4 lower profits limit (per year)

7,956

8,060 

Class 4 upper profits limit (per year)

41,865

42 385

Class 4 rate between lower profits limit and upper profits limit

9%

9%

Class 4 rate above upper profits limit

2%

2%


Fuel benefit charge

 

2014-15 (£)

2015-16 (£)

Car fuel benefit charge multiplier

21,700

22,100

Van fuel benefit charge

581

594


Van benefit charge

 

2014-15 (£)

2015-16 (£)

Van benefit charge

3,090

3,150


Working and child tax credits rates

per year (unless stated)

2014-15 (£)

2015-16 (£)

Working Tax Credit

Basic element

1,940

1,960

Couple and lone parent element

1,990

2,010

30 hour element

800

810

Disabled worker element

2,935

2,970

Severe disability element

1,255

1,275

Childcare element of the Working Tax Credit

Maximum eligible cost for one child

£175 per week

£175 per week

Maximum eligible cost for two or more children

£300 per week

£300 per week

Percentage of eligible costs covered

70%

70%

Child Tax Credit

Family element

545

545

Child element

2,750

2,780

Disabled child element

3,100

3,140

Severely disabled child element

1,255

1,275

Income thresholds and withdrawal rates

First income threshold

 6,420 6,420 

First withdrawal rate

 41% 41%

First threshold for those entitled to Child Tax Credit only

 16,010 16,105

Income rise disregard

 5,000 5,000

Income fall disregard

 2,500 2,500


Individual Savings Account (ISA)

Annual ISA subscription limit

2014-15 (£)

2015-16 (£)

Overall limit*

15,000

15,240

Child Trust Fund (CTF) subscription limit+

4,000

4,080

* Until 1 July 2014 the total annual subscription limit was £11,880, of which up to £5,940 could be placed in a cash ISA.
+ Also until 1 July 2014 the Junior ISA and CTF subscription limit was £3,840.


Stamp taxes and duties - Transfers of land and buildings 

On 4 December 2014 the SDLT "slab" rates were replaced by a new regime under which you will only pay the rate of tax on the part of the property price within each tax band. In Scotland the new rates will apply until 1 April 2015, when SDLT will be replaced by the Land and Buildings Transaction Tax. These changes do not affect the SDLT rates on residential leases or commercial/mixed properties, which are listed in separate tables below. For fuller details, see HMRC's updated SDLT rates and allowances page.

Rate

Residential in disadvantaged areas & Non Residential

Zero

0-125,000

2%

125,001-250,000

5%

250,001-925,000 

10%

925,001-1.5m

12%

Over 1.5m

Rate

Residential - New lease transfer value

Zero

0-125,000

1%

125,001-250,000

3%

250,001-500,000 

4%

500,001-1m

5%

1m-2m

7%

Over 2m

Rate

Non-residential - Total value of consideration

Zero

0-150,000

1%

150,001-250,000

3%

250,001-500,000

4%

over 500,000