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Rates

15/16

14/15

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

Maximum tax at basic rate

£6,357

£6,373

Higher rate of 40% on income

£31,786–

£31,866–

£150,000

£150,000

Tax on first £150,000

£53,643

£53,627

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

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

15/16

14/15

Personal (basic)

£10,600

£10,000

Personal reduced if net income exceeds*

£100,000

£100,000

Transferable tax allowance for married couples

£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 couple’s allowance*† – maximum

£8,355

£8,165

– minimum

£3,220

£3,140

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 CGT deferral relief

No limit

No limit

Seed EIS (SEIS) at 50%

£100,000

£100,000

SEIS CGT reinvestment relief

50%

50%

*£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.

Non-domicile Remittance Basis Charge after UK residence in at least:

7 of the last 9 tax years

£30,000

£30,000

12 of the last 14 tax years

£60,000

£50,000

17 of the last 20 tax years

£90,000

N/A

15/16

14/15

Lifetime allowance

£1,250,000 £1,250,000

Annual allowance

£40,000

£40,000

Money purchase annual allowance

£10,000

N/A

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.

REGISTERED PENSIONS

INCOME TAX