Main UK Tax Rates

These tables reflect announcements made in December 2013. For more detail on the UK tax rates, see Tax and tax credit rates and thresholds for 2014-15. Further guidance is available elsewhere on Gov.uk.

 

Income tax, capital gains tax, and inheritance tax – personal and age-related allowances

Per year 2014-15 2015-16
Personal allowance (age under 65) £10,000 £10,600
Personal allowance (age 65-75) £10,500 £10,600
Personal allowance (age 75 and over) £10,660 £10,660
Married couple’s allowance (age 77 and over) £8,165 £8,355
Married couple’s allowance – minimum amount £3,140 £3,220
Income limit for age-related allowances
(2013-14 figure applies to those aged 65+)
£27,000 £27,700
Income limit for under 65 personal allowance £100,000 £100,000
Blind person’s allowance £2,230 £2,290
Capital gains tax annual exempt amount
Individuals etc. £11,000 £11,100
Most trustees £5,550 £5,550
Individual inheritance tax allowance £325,000 £325,000
Pension schemes allowances
Annual Allowance £40,000 £40,000
Lifetime Allowance £1,250,000 £1,250,000

 

Income tax: Taxable bands

Tax Band 2014-15 2015-2016
Savings starting rate*: 10% 0-£2,880 0-£5,000
Basic rate: 20% 0-£31,865 0 – £31,785
Higher rate: 40% £31,866 – £150,000 £31,786 – £150,000
Additional rate:
(reduced 5% in 2013-14)
Over £150,000 (45%) Over £150,000 (45%)

* Only available if non savings income is less than this amount

 

Capital gains tax rates

Tax Description 2014-15 2015-2016
Standard rate of CGT 18% 18%
Higher rate (for higher rate income tax payers) 28% 28%
Rate for Entrepreneurs 10% 10%

 

Corporation tax on profits

£ per year (unless stated) 2014-15 2015-16
£0-£300,000 20% 20%
£300,001 – £1,500,000 Marginal rate Marginal rate
£1,500,001 or more 23% 21%

 

 

National insurance contributions

per week (unless stated) 2014-15 2015-16
Lower earnings limit, primary Class 1 £111 £112
Upper earnings limit, primary Class 1 £805 £815
Primary threshold £153 £155
Secondary threshold £153 £156
Employees’ primary Class 1 rate between primary threshold and upper earnings limit 12% 12%
Employees’ primary Class 1 rate above upper earnings limit 2% 2%
Employees’ contracted-out rebate – salary-related schemes 1.4% 1.4%
Married women’s reduced rate between primary threshold and upper earnings limit 5.85% 5.85%
Married women’s rate above upper earnings limit 2% 2%
Employers’ secondary Class 1 rate above secondary threshold 13.8% 13.8%
Class 2 rate £2.75 £2.80
Class 2 small earnings exception (per year) £5,885 £5,965
Special Class 2 rate for share fishermen £3.35 £3.40
Special Class 2 rate for volunteer development workers £5.45 £5.55
Class 3 rate (per week) £13.90 £14.10
Class 4 lower profits limit (per year) £7,956 £8,060
Class 4 upper profits limit (per year) £41,865 £42,385
Class 4 rate between lower profits limit and upper profits limit 9% 9%
Class 4 rate above upper profits limit 2% 2%

 

Working and child tax credits rates

£ per year (unless stated) 2014-15 2015-16
Working Tax Credit
Basic element £1,940 £1,960
Couple and lone parent element £1,990 £2,010
30 hour element £800 £810
Disabled worker element £2,935 £2,970
Severe disability element £1,255 £1,275
Childcare element of the Working Tax Credit
Maximum eligible cost for one child £175pw £175pw
Maximum eligible cost for two or more children £300pw £300pw
Percentage of eligible costs covered 70% 70%
Child Tax Credit
Family element £545 £545
Child element £2,750 £2,780
Disabled child element £3,100 £3,140
Severely disabled child element £1,255 £1,275
Income thresholds and withdrawal rates
First income threshold £6,420 £6,420
First withdrawal rate 41% 41%
First threshold for those entitled to Child Tax Credit only £16,010 £16,105
Income rise disregard £5,000 £5,000
Income fall disregard £2,500 £2,500

 

Individual Savings Account (ISA)

Annual ISA subscription limit 2014-15 2015-16
Overall limit £15,000 £15,240
of which cash £7,500 £7,620
of which stocks & shares £7,500 £7,620
Junior ISA subscription limit £4,000 £4,080

 

Stamp taxes and duties

Transfers of land and buildings (consideration paid)

Rate Residential Non-Residential
Total value of consideration
Zero £0-£125,000 £0-£150,000
1% £150,001-£250,000
2% £125,001-£250,000
3% £250,001-£500,000
4% Over £500,000
5% £250,000-£925,000
10% £925,001-£1,500,000
12% Over £1,500,000