Chartered Management Accountants

Tax Rates & Allowances

Tax Rates and Allowances

Below are various tables to help you work out your tax rates and allowances.

Income Tax   2016/17 2017/18
Starting savings rate 0% £0 -£5,000 £0 – £5,000
Basic Rate 20% £0 -£32,000 £0 – £33,500
Higher Rate 40% £32,001 – £150,000 £33,500 – £150,000
Additional Rate 45% Over £150,000 Over £150,000
Dividends Received 2016/17 2017/18
Dividend Allowance £5,000  £5,000
Basic Rate 7.5%  7.5%
Higher Rate 32.5% 32.5%
Additional Rate 38.1% 38.1%
Main Personal Allowanced 2016/17 2017/18
Personal Saving Allowance
Basic Rate Taxpayers £1,000  £1,000
Higher Rate Taxpayers £500  £500
Personal Allowance £11,000 £11,500
Income limit for Personal All. £100,000 £100,000
Transferable Married Allowance £1,100 £1,150
Rent a Room Relief £7,500 £7,500
CGT Allowance £11,100 £11,300
CGT Allowance Trusts & Estates £5,550 £5,650
Capital Gains Tax Residential Other 2017/18
Up to Basic Rate 18% 10% 10%
Over Basic Rate 28% 20% 20%
Trusts & Estates 28% 20% 20%
Entrepreneurs £10m 10% 10%
Corporation Tax 2016/17 2017/18
Corporation Tax Rate 20% 19%
VAT 2016/17 2017/18
Threshold £83,000 £85,000
Deregistration £81,000 £83,000
National Insurance   2016/17 2017/18
Class 1
Lower Earnings limit £112 £113
Primary threshold £155 £157
Employee 12% £155.01 – £827 £157.01 – £866
Employee higher rate 2% Over £827 Over £866
Employer & Class 1A 13.8% Over £156.01 Over £157.01
Under 21 0% 0%
Class 2 – Self Employed
Flat rate per week £2.80 £2.85
Annual Profit Threshold £5,965 £6,025
Class 3 – Voluntary
Flat rate per week £14.10 £14.25
Class 4 – Self Employed
Profits 9% £8,060 – £43,000 £8,164 – £45,000
Profits 2% Over £43,000 Over £45,000
Minimum Wages April 2016 April 2017
Workers 25 and over £7.20 £7.50
Workers 21 to 24 £6.70 £7.05
Workers 18 to 20 £5.30 £5.60
Workers 16 to 17 £3.87 £4.05
Apprentices 16 to 18 £3.30 £3.50
Inheritance Tax 2016/17 2017/18
Nil rate band £325,000 £325,000
Rate on excess 40% 40%
Capital Allowances excl Cars 2016/17 2017/18
Annual Investment Allowance £200,000 £200,000
P&M 18% 18%
Long-life assets 8% 8%
Official Interest Rate 3% 3%
Pension Schemes 2016/17 2017/18
Lifetime Allowance £1m £1m
Annual Allowance £40,000 £40,000
Professionally insured by PolicyBee
We have:
tick_imageProfessional indemnity
tick_imagePublic liability

Contact Info:

Phone: 01236 222668
or 0141 280 8941
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dunnswood House,
Dunnswood Road,
Wardpark, Cumbernauld,
Glasgow, G67 3EN
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .