Tax Data

Income Tax Allowances 2020/21 2019/20
Personal Allowance £12,500 £12,500
Transferable Marriage Allowance £1,250 £1,250
Blind Persons Allowance £2,500 £2,450
Dividend Allowance £2,000 £2,000
Personal Savings Allowance (Basic rate taxpayer) £1,000 £1,000
Personal Savings Allowance (Higher rate taxpayer) £500 £500
Income Tax Rates 2020/21 2019/20
£0 - 37500 20% 20%
Dividend rate 7.5% 7.5%
£37501 - 150000 40% 40%
Dividend rate 32.5% 32.5%
Over £150000 45% 45%
Dividend rate 38.1% 38.1%
Corporation Tax 19% 19%
National Insurance Contributions 2020/21 2019/20
Employees Class 1 £0 - 183 0% 0%
Employees Class 1 £183.01 - 962 12% 12%
Over £962 2% 2%
Class 2 ( Self Employed) Over £6475 £3.05 per week £3.05 per week
Class 3 (Voluntary) £15 per week £15 per week
Class 4 (Self employed) Profits £0 - £9500 0% 0%
Class 4 (Self employed) Profits £9500 - 50000 9% 9%
Class 4 (Self employed) Profits above £50000 2% 2%
Capital Gains Tax 2020/21 2019/20
Annual exempt amount £12,300 £12,000
Standard Rate 10% 10%
Higher Rate 20% 20%
Gains on residential property Standard 18% 18%
Gains on residential property Higher 28% 28%
Inheritance Tax 2020/21 2019/20
Nil-rate band £325,000 £325,000
Residence nil-rate band £175,000 £150,000
Rate of tax on excess 40% 40%
Chargeable lifetime transfers 20% 20%
Value Added Tax 2020/21 2019/20
Threshold for becoming VAT registered £85,000 £85,000
Making Tax Digital Threshold £85,000 £85,000
Standard rate 20% 20%
Flat rate scheme turnover limit £150,000 £150,000
Annual Accounting scheme turnover limit £1,350,000 £1,350,000