Tax Tables 2014 - page 2

INCOME TAX
Rates
14/15
13/14
Starting rate of 10% on savings income up to* £2,880 £2,790
Basic rate of 20% on income up to
£31,865 £32,010
Maximum tax at basic rate
£6,373 £6,402
Higher rate of 40% on income
£31,866– £32,011–
£150,000 £150,000
Tax on first £150,000
£53,627 £53,598
Additional rate on income over £150,000
45% 45%
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
Rate applicable to trusts: – dividends
37.5% 37.5%
– other income 45% 45%
*Not available if taxable non-savings income exceeds the starting rate band.
Child Benefit Charge
1% of benefit for each £100 of income between £50,000–£60,000.
Main Personal Allowances and Reliefs
Personal (basic)
£10,000 £9,440
Personal reduced if net income exceeds*
£100,000 £100,000
Personal if born between 6/4/38 and 5/4/48 £10,500 £10,500
Personal if born before 6/4/38
£10,660 £10,660
Personal if born before 6/4/48 reduced if
net income exceeds
*
£27,000 £26,100
Married couple’s allowance
*†
– maximum amount
£8,165 £7,915
– minimum amount £3,140 £3,040
*
£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 Capital Trust (VCT) at 30%
£200,000 £200,000
Enterprise Investment Scheme (EIS) 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%
Non-domicile Remittance Basis Charge
For adult non-UK domiciliary after UK residence in:
At least 7 of the previous 9 tax years
£30,000 £30,000
At least 12 of the previous 14 tax years
£50,000 £50,000
REGISTERED PENSIONS
14/15
13/14
Lifetime allowance
£1,250,000 £1,500,000
Annual allowance
£40,000 £50,000
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.
1 3,4,5,6,7,8
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