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BUDget

18 March 2015

page 3

Personal taxation

Income tax allowances and reliefs

2015/16

2014/15

Personal (basic)

£10,600

£10,000

Personal allowance reduced if net income exceeds *

£100,000

£100,000

Transferable tax allowance for married couples/civil partners

£1,060

N/A

Personal (age) if born between 6/4/38 and 5/4/48

N/A

£10,500

Personal (age) if born before 6/4/38

£10,660

£10,660

Personal (age) reduced if net income exceeds *

£27,700

£27,000

Married couples/civil partners (minimum) at 10% †

£3,220

£3,140

Married couples/civil partners (maximum) at 10% *†

£8,355

£8,165

Child benefit charge

1% of benefit for every £100 of income between £50,000 and £60,000

Blind person’s allowance

£2,290

£2,230

Rent-a-room tax-free income

£4,250

£4,250

Venture capital trust (VCT) at 30%

£200,000

£200,000

Enterprise investment scheme (EIS) at 30%

£1,000,000

£1,000,000

EIS eligible for capital gains tax (CGT) deferral relief

No limit

No limit

Seed EIS (SEIS) at 50%

£100,000

£100,000

SEIS CGT reinvestment relief

50%

50%

Registered pension scheme:

• annual allowance

£40,000

£40,000

• money purchase annual allowance

£10,000

N/A

• lifetime allowance

£1,250,000

£1,250,000

* £1 reduction for every £2 of additional income over the income threshold.

† Where at least one spouse/civil partner was born before 6/4/35.

Income tax rates

2015/16

2014/15

Starting rate

0%

10%

on savings income up to *

£5,000

£2,880

Basic rate of 20% on income up to

£31,785

£31,865

Higher rate of 40% on income

£31,786–

£31,866–

£150,000

£150,000

Additional rate of 45% on income over

£150,000

£150,000

Dividends for:

• basic rate taxpayers

10%

10%

• higher rate taxpayers

32.5%

32.5%

• additional rate taxpayers

37.5%

37.5%

Trusts:

• standard rate band generally

£1,000

£1,000

• dividends (rate applicable to trusts)

37.5%

37.5%

• other income (rate applicable to trusts)

45%

45%

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