PERSONAL TAXATION

2015/16

2014/15

Personal allowance

 

 

basic

£10,600

£10,000

personal allowance income limit

£100,000

£100,000

born between 6.4.1938 and 5.4.1948

£10,600

£10,500

born before 6.4.1938

£10,660

£10,660

age allowance income limit*

£27,700

£27,000

minimum where income exceeds limit

£10,600

£10,000

transferable allowance

£1,060

N/A

 

 

 

Married couple's allowance

 

 

(10% relief)

 

 

either partner born before 6.4.1935

£8,355

£8,165

age allowance income limit

£27,700

£27,000

minimum where income exceeds limit

£3,220

£3,140

 

 

 

Blind person's allowance

£2,290

£2,230

 

 

 

Income tax rates

 

 

Starting savings rate**

£0

£0

   on income up to

£5,000

£2,880

Basic rate

£0

£0

   on taxable income up to

£31,785

£31,865

Higher rate

£0

£0

   on taxable income over

£31,785

£31,865

Additional rate

£0

£0

   on taxable income over

£150,000

£150,000

Lower rate on dividend income

£0

£0

Higher rate on dividend income

£0

£0

Additional rate on dividend income

£0

£0

 

 

 

Pension schemes allowances

 

 

Standard annual allowance

£40,000

£40,000

Standard lifetime allowance

£1,250,000

£1,250,000

 

 

 

ISA subscription limits

 

 

Adult ISA

£15,240

£15,000

Junior ISA

£4,080

£4,000

*For 2015/16 the age allowance income limit for personal allowances applies only to those born before 6.4.1938.

** Starting rate applies only to savings income. If taxable non-savings income is above this limit, the starting rate is not applicable.

COMPANY TAXATION

FY2015

FY2014

Corporation tax rates

 

 

All companies (except below)

£0

£0

Companies with small profits

N/A

£0

- 20% rate limit

N/A

£300,000

- marginal relief limit

N/A

£1,500,000

- marginal relief fraction

N/A

1/400

- marginal rate

N/A

£0

CAPITAL GAINS TAX

2015/16

2014/15

Rate - standard rate

£0

£0

- higher rate

£0

£0

- trustees and personal representatives

£0

£0

- entrepreneurs£ relief rate

£0

£0

Annual exemption - individuals

£11,100

£11,000

- personal representatives

£11,100

£11,000

- trustees

£5,550*

£5,500*

* Exemption is apportioned if there are several trusts created by the same settlor, but with each trust entitled to a minimum exemption of £1,110 for 2015/16, £1,100 for 2014/15.

INHERITANCE TAX

Deaths after 5/4/2012

Threshold / Nil-rate band

£325,000

 

Death rate

£0

 

Lower death rate (10% or more given to charity)

£0

 

Chargeable lifetime transfers rate

£0

 

VAT

2015/16

 

Standard rate

£0

 

Reduced rate

£0

 

Registration threshold after 31.3.2015

£82,000

 

(previously £81,000 after 31.3.2014)

 

 

NATIONAL INSURANCE

2015/16

 

(2014/15 in brackets where different)

 

 

Class 1 contributions

 

 

Not contracted-out

 

 

The employee contribution is 12% of earnings between £155 (£153) and £815 (£805) p.w. plus 2% of all earnings above £815 (£805) p.w. Between £112 (£111) and £155 (£153) p.w., no employee contributions are payable but a notional contribution is deemed to have been paid to protect contributory benefit entitlement.

The employer contribution is 13.8% of all earnings in excess of the first £156 (£153) p.w. For 2015/16, the employer contribution is reduced to 0% of earnings between £156 and £815 p.w. if the employee is under 21.

Most employers can claim employment allowance of up to £2,000 a year against their liability for employer contributions.

Contracted-out

 

 

The 'not contracted-out' rates for employees in salary-related schemes are reduced on the band of earnings from £112 (£111) p.w. to £770 p.w. by 1.4%.

For the employer, they are reduced on the same band of earnings by 3.4%.

Class 1A and 1B contributions

£0

 

Class 2 contributions

 

 

Flat weekly rate

£2.80 (£2.75)

 

Exemption limit

£5,965 (£5,885)

 

Class 3 contributions

 

 

Flat weekly rate

£14.10 (£13.90)

 

Class 4 contributions

 

 

9% on the band of profits between £8,061 (£7,956) and £42,385 (£41,865) plus 2% on all profits above £42,385 (£41,865).