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01332 202660
61 Friar Gate Derby DE1 1DJ
Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ T: 01332 202660
Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd. Registered in England No. 05770414
Registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants auditregister.org.uk 8011438
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Rates & Allowances Pages ► Income Tax Rates & Allowances ■ Capitlal Gains Tax ■ Pensions ■
■ Inheritance Tax ■ National Insurance ■ Statutory Pay ■ Child Benefit ■ Vehicles ■ VAT ■ ISAs ■
| Income after allowances 2019/20 | |||
|---|---|---|---|
| Band of taxable income | Rate | Dividend rate | |
| Starting rate for savings |
up to £5,000 | 0% | |
| Basic rate | up to £37,500 | 20% | 7.5% |
| Higher rate | £37,501 - £150,000 | 40% | 32.5% |
| Additional rate | Over £150,000 | 45% | 38.1% |
Personal Allowance - The standard Personal Allowance for 2019/20 is £12,500. This is the amount of income you don’t have to pay tax on and is usually increased each year.
| Main Allowances | |
|---|---|
| 2019/20 | |
| Personal Allowance* - up to 10% of the PA can be transferred to a spouse or civil partner who is a basic rate taxpayer | £12,500 |
| Blind Person's Allowance | £ 2,450 |
| Dividend Tax Allowance - taxes the first £2,000 at nil | £ 2,000 |
| Personal Savings Allowance - Basic rate taxpayer | £ 1,000 |
| Personal Savings Allowance - Higher rate taxpayer | £ 500 |
Income Tax - Click for Detailed Table
Tax bands and rates 2019/20 2018/19 Basic-rate band £37,500 £34,500 Basic-rate tax 20% 20% Dividend ordinary tax rate 7.5% 7.5% Savings starting rate band limit* £5,000 £5,000 Savings starting rate - savings income 0% 0% Higher-rate band Over £37,500 - £150,000 Over £34,500 - £150,000 Higher-rate tax 40% 40% Dividend upper tax rate 32.5% 32.5% Additional-rate band over Above £150,000 Above £150,000 Additional-rate tax 45% 45% Dividend additional tax rate 38.1% 38.1% Personal allowance** £12,500 £11,850 High income child benefit charge - 1% of adjusted net income of £50,000 to £60,000 Trading allowance*** £1,000 £1,000 Dividend allowance at 0% - all individuals £2,000 £2,000 Property allowance*** £1,000 £1,000 Savings allowance**** £1,000 £1,000 Marriage allowance £1,250 £1,190 Blind person's allowance £2,450 £2,390 Non-domiciled remittance basis charge Applies after UK residence in seven or more of the previous nine tax years £30,000 £30,000 Applies after UK residence in at least 12 of the previous 14 years £60,000 £60,000 Enterprise investment scheme (EIS)***** up to £1m £1m Maximum amount for EIS carry back £50,000 £50,000 Income tax relief rate 30% 30% Seed enterprise investment scheme (SEIS) £100,000 £100,000 Income tax relief 50% 50% Venture capital trust (VCT)***** £200,000 £200,000 Social investment relief £1m £1m Income tax relief 30% 30% VCT tax relief rate 30% 30% Golden handshake maximum tax-free £30,000 £30,000 Rent-a-room (exempt on gross annual rent up to) £7,500 £7,500 Construction industry scheme - deduction rate Standard rate - registered 20% 20% Higher rate - not registered 30% 30% Child benefit charge - 1% of benefit per £100 of income between £50,000 and £60,000 * Savings income falling into the first £5,000 may be taxed at 0% for certain low income earners.
** Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000.
*** When the gross income is £1,000 or less. May alternatively be deducted from gross income instead of the actual expenses.
**** £500 for higher-rate and £0 for additional-rate taxpayers.
***** Investment limit increases for investment in knowledge-intensive companies receiving investments under the EIS and VCTs rules. The annual limit for individuals investing in knowledge-intensive companies under the EIS increases to £2 million, provided that anything above £1 million is invested in knowledge-intensive companies. The annual EIS and VCT limit on the amount of tax-advantaged investments a knowledge-intensive company may receive is increased to £10 million.