STATE PENSIONS Annual Weekly New state pension £12,547.60 £241.30 Basic state pension – single person* £9,614.80 £184.90 Basic state pension – spouse/civil partner* £5,759.00 £110.75 *State pension age reached before 6/4/16 TAX INCENTIVISED INVESTMENTS Total Individual Savings Account (ISA) 26/27 25/26 limit, excluding Junior ISAs (JISAs) £20,000 £20,000 Lifetime ISA £4,000 £4,000 JISA/Child Trust Fund £9,000 £9,000 Venture Capital Trust (VCT) up to £200,000 20% 30% Enterprise Investment Scheme (EIS) at 30%* £2,000,000 £2,000,000 EIS eligible for CGT deferral relief No limit No limit Seed EIS (SEIS) at 50% £200,000 £200,000 SEIS CGT reinvestment relief 50% 50% *Above £1,000,000 investment must be in knowledge-intensive companies NATIONAL INSURANCE CONTRIBUTIONS Class 1 Employee Employer NICs rate 8% 15% No NICs for employees generally on the first £242 pw £96 pw No NICs for younger employees* on the first £242 pw £967 pw NICs rate charged up to £967 pw No limit 2% NICs on earnings over £967 pw N/A *No employer NICs on the first £967 pw for employees generally under 21 years, apprentices under 25 years and veterans in first 12 months of civilian employment. No employer NICs on the first £481 pw for employees at freeports and investment zones in the first 36 months of employment Employment allowance £10,500 Per business – not available if sole employee is a director Class 1A Employer On most employees’ and directors’ taxable benefits 15% Class 2 Self-employed Flat rate per week (voluntary) £3.65 (£189.80 pa) Small profits threshold £7,105 Class 4 Self-employed On annual profits of £12,570 to £50,270: 6% Over £50,270: 2% Class 3 Voluntary flat rate per week £18.40 (£956.80 pa) CAPITAL GAINS TAX 26/27 25/26 Annual exemption: Individuals, estates, etc £3,000 £3,000 Trusts generally £1,500 £1,500 Below UK higher rate band Tax rate 18% 18% Within UK higher and additional rate bands Tax rate 24% 24% Carried interest (all tax bands) Tax rate N/A 32% Trusts and estates Tax rate 24% 24% Business Asset Disposal Relief 18% (14% 25/26) on lifetime limit of £1,000,000 for trading businesses and companies (minimum 5% participation) held for at least 2 years
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