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Limits

15/16

Individual Savings Account (ISA)

£15,240

Junior ISA and Child Trust Fund

£4,080

Tax Rates – Individuals

15/16

14/15

Up to basic rate limit

18%

18%

Above basic rate limit

28%

28%

Tax Rate – Trusts and Estates

28%

28%

Exemptions

Individuals, estates, etc

£11,100

£11,000

Trusts generally

£5,550

£5,500

Chattels exemptions: proceeds up to

£6,000

£6,000

Max. chargeable gains

5

3

rds of excess proceeds over limit.

Entrepreneurs’ Relief

Gains taxed at 10% up to lifetime limit of £10,000,000

£10,000,000

For trading businesses and companies (minimum 5% employee/director

shareholding) held for one year or more.

15/16

14/15

Nil-rate band*

£325,000

£325,000

Rate of tax on excess

40%†

40%†

Lifetime transfers to and from certain trusts

20%

20%

Exemption for non-UK domiciled

spouse/civil partner

£325,000

£325,000

100% relief: businesses, unlisted and AIM companies, certain farmland/

buildings

50% relief: certain other business assets e.g. farmland let pre 1/9/95

Annual exempt gifts of: £3,000 per donor £250 per donee

*Up to 100% of the unused proportion of a deceased spouse’s/civil partner’s

nil-rate band can be claimed on the survivor’s death.

†36% where at least 10% of net estate left to charity.

Tax charge on gifts within 7 years of death

Years before death

0–3 3–4 4–5 5–6 6–7

% of death tax charge

100

80

60

40

20

Effective rate on profits to

31/3/16

31/3/15

£0–£300,000

20%

20%

£300,001–£1,500,000

20%

21.25%

£1,500,001 and over

20%

21%

Standard rate 20%

Reduced rate e.g. on domestic fuel

5%

Registration level from 1/4/15

£82,000

Deregistration level from 1/4/15

£80,000

Flat rate scheme turnover limit

£150,000

Cash and annual accounting schemes turnover limit

£1,350,000

CAPITAL GAINS TAX

TAX-FREE SAVINGS

VALUE ADDED TAX

INHERITANCE TAX

CORPORATION TAX