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%