2019/2020 Tax Rates
Income Tax rates and allowances for current and past years. How much Income Tax someone pays in each tax year (from 6 April to the 5 April the following year) depends on several factors. Contact us to find out more.
Income Tax rates and allowances for current and past years. How much Income Tax someone pays in each tax year (from 6 April to the 5 April the following year) depends on several factors. Contact us to find out more.
|
|
2018/19 |
2019/20 |
Income Tax |
|||
Personal Allowances (Tax Free Amounts) |
£11,850 |
£12,500 |
|
|
|||
Tax on Taxable Income (In Excess of Tax Free Amounts) |
|||
Up to £34,500 |
20% |
||
Up to £37,500 |
20% |
||
£34,501 to £150,000 |
40% |
||
£37,501 to £150,000 |
40% |
||
Over £150,000 |
45% |
45% |
|
|
|||
National Insurance |
|||
Class 1 Contributions (Employee Contributions) |
|||
Lower earnings limit |
£6,136 (£118 pw) |
0% |
0% |
Primary threshold |
£8,632 (£166 pw) |
12% |
12% |
Upper earnings limit |
£50,024 (£962 pw) |
2% |
2% |
Employers Contributions |
£0 to £8,632 |
0% |
0% |
Over £8,632 (£166 pw) |
13.8% |
13.8% |
|
Class 2 Contributions (Self Employed) |
|||
Weekly flat rate |
£2.95 |
£3.00 |
|
Weekly flat rate if earnings over £6,365 per year |
|||
|
|||
Class 4 Contributions (Self Employed) |
|||
On annual profits between £8,632 & £50,000 |
9% |
9% |
|
On annual profits in excess of £50,001 |
2% |
2% |
|
|
|||
Capital Gains Tax |
|||
Residential Property and interest |
|||
Rate for individuals up to basic rate tax band |
18% |
18% |
|
Excluding residential property |
|||
Rate for individuals up to basic rate tax band |
|
10% |
10% |
For chargeable gains in excess of:- |
|
£11,700 |
£12,000 |
For higher rate tax payers add 10% to each rate shown above |
|||
|
|||
Inheritance Tax |
|||
Nil rate tax band |
£325,000 |
£325,000 |
|
Rate of tax on the excess value of the estate |
40% |
40% |
|
|
|||
Corporation Tax (Effective Rates on Companies) |
|||
Tax rate per financial year |
19% |
19% |
|
|
|||
Value Added Tax |
|||
Registration level (based on a rolling 12 month period) |
£85,000 |
£85,000 |
|
Standard rate |
20% |
20% |