Income Tax Personal Allowances

 

TAX-BACK

 

* Subject to scaling down to the Basic Allowance where income exceeds £26,100 (2013 / 2014), £27,000 (2014 / 2015) AND £27,700 (2015 / 2016).

For 2013/2014, 2014/2015 and 2015/2016 there is a personal allowance income limit of £100,000.  Where an individual’s income exceeds £100,000 the basic personal allowance is reduced by £1 for every £2 of excess income until it becomes zero.

Income Tax Rates on Taxable Income (other than savings & dividend income)

 

Capital Gains Tax

 

Tax Rate

2013/2014

2014/2015

2015/2016

 

Taxable Income

Taxable Income

Taxable Income

Basic 20%

£0 - £32,010

£0 - £31,865

£0 - £31,875

Higher 40%

£32,011 - £150,000

£32,866 - £150,000

£31,786 - £150,000

Additional 45%

over £150,000

over £150,000*

over £150,000*

 

2012/2013

2013/2014

2014/2015

2015/2016

Annual Exemption per individual

£10,600

£10,900

£11,000

£11,100

 

    Inheritance Tax - Death Rates

 

Rate

2012/2013

2013/2014

2014/2015

2015/2016

 

Estate on Death

Estate on Death

Estate on Death

Estate on Death

NIL

£0 - £325,000

£0 - £325,000

£0 - £325,000

£0 - 325,000

40%

over £325,000

over £325,000

over £325,000

over £325,000

 

NB 1: Transfers between spouses and civil partners are exempt from Inheritance Tax.

NB 2: Married couples and civili partners can combine their individual Allowances with the effect that where the Nil Rate Band is not used on the first death the survivor has an effective Allowance of double the individual Allowance.

The above rates are shown for guidance only.  Rates applicable to a particular individual’s circumstances should be checked with HM Revenue & Customs printed material.

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                                                Tax Rates -updated 19.2.16

           Your at a glance personal tax rates and allowances  2015/2016

 

2013/2014

2014/2015

2015/2016

Born after 5 April 1948 - Basic

£9,440

£10,000

£10,600

Born after 5 April 1938 but before 6 April 1948

£10,500*

£10,500*

£10,600

Born before 6 April 1938

£10,660*

£10,660*

£10,660*

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