Rates and bands (other than savings and dividend income).
2019/20
| Band £ | Rate % |
|---|---|
| 0 – 37,500 | 20 |
| 37,501 – 150,000 | 40 |
| Over 150,000 | 45 |
2018/19
| Band £ | Rate % |
|---|---|
| 0 – 34,500 | 20 |
| 34,501 – 150,000 | 40 |
| Over 150,000 | 45 |
Income tax rates in Scotland and Wales on income other than savings and dividend income have been devloved.
| Savings income | 2019/20 and 2018/19 |
|---|---|
| Savings allowance basic rate | £1,000 |
| Savings allowance higher rate | £500 |
A starting rate of 0% may be available unless taxable non-savings income exceeds £5,000.
| Dividend income | 2019/20 and 2018/19 |
|---|---|
| Dividend allowance | £2,000 |
| Dividend ordinary rate | 7.5% |
| Dividend upper rate | 32.5% |
| Dividend additional rate | 38.1% |
| 2019/20 | 2018/19 | |
|---|---|---|
| Personal allowance | £12,500 | £11,850 |
| Personal allowance income limit | £100,000 | £100,000 |
| Marriage allowance | £1,250 | £1,190 |
| Married couple’s allowance | £8.915 | £8,695 |
| – minimum amount | £3,450 | £3,360 |
| -income limit | £29,600 | £28,900 |
| Blind person’s allowance | £2,450 | £2,390 |
| 2019/20 | 2018/19 | |
|---|---|---|
| Overall investment limit | £20,000 | £20,000 |
| Junior account investment | £4,368 | £4,260 |
Company cars 2019/20
| CO2 emissions g/km | Percentage of car’s list price taxed |
|---|---|
| 0-50 | 16 |
| 51-75 | 19 |
| 76-94 | 22 |
| for every additional 5 | additional 1% |
| 165 and above | 37% (maximum) |
For diesel cars generally add a 4% supplement (unless the car is registered on or after 1 September 2017 and meets the Euro 6d emissions standard) but the maximum is still 37%.
For emissions over 94g/km if the CO2 figure does not end in a 5 or 0 round down to the hearest 5 or 0.
| 2019/20 | |
|---|---|
| Car fuel benefit | £24,100 |
| Van benefit | £3,430 |
| Van fuel benefit | £655 |
| Cars and vans mileage allowance | Rate per mile |
|---|---|
| Up to 10,000 miles | 45p |
| Over 10,000 miles | 25p |
2019/20 Class 1 (employed) rates
| Employee earnings per week | % |
|---|---|
| Up to £166 | Nil |
| £166.01 – £962 | 12 |
| Over £962 | 2 |
| Employer earnings per week | % |
|---|---|
| Up to £166 | Nil |
| £166.01 – £962 | 13.8 |
Entitlement to contribution-based benefits for employees retained for earnings between £118 and £166 per week.
The employer rate is 0% for employees under 21 and apprentices under 25 on earnings up to £962 per week.
| Class 1A (employers) | 13.8% on employee taxable benefits |
|---|---|
| Class 1B (employers) | 13.8% on PAYE Settlement Agreements |
| Class 2 (self-employed) | flat rate per week £3.00 – small profits threshold £6,365 |
| Class 3 (voluntary) | flat rate per week £15.00 |
| Class 4 (self-employed) | 9% on profits between £8,632 and £50,000 plus 2% on profits over £50,000 |
Land and buildings in England and N. Ireland
Residential rates may be increased by 3% where further residential properties are acquired.
| Residential £ | Rate % |
|---|---|
| 0 – 125,000 | 0 |
| 125,001 – 250,000 | 2 |
| 250,001 – 925,000 | 5 |
| 925,001 – 1,500,000 | 10 |
| Over 1,500,000 | 12 |
| Residential £ | Rate % |
|---|---|
| 0 – 150,000 | 0 |
| 150,001 – 250,000 | 2 |
| Over 250,000 | 5 |
First-Time Buyer relief may apply to residential purchases up to £500,000.
| Individuals | 2019/20 | 2018/19 |
|---|---|---|
| Exemption | £12,000 | £11,700 |
| Standard rate | 10% | 10% |
| Higher/additional rate | 20% | 20% |
| Trusts | 2019/20 | 2018/19 |
|---|---|---|
| Exemption | £6,000 | £5,850 |
| Rate | 20% | 20% |
Higher rates (18/28%) may apply to the disposal of certain residential property and carried interest.
Entrepreneurs’ Relief and Investors’ Relief
The first £10m of qualifying gains are charged at 10%. Gains in excess of the limit are charged at the rates detailed above.
| Death rate | Lifetime rate | Chargeable transfers 2019/20 and 2018/19 |
|---|---|---|
| Nil | Nil | 0 – £325,000 (nil rate band) |
| 40% | 20% | Over £325,000 |
A further nil rate band of £150,000 (£125,000 for 2018/19) may be available in relation to current or former residencies.
| 2019/20 | 2018/19 | |
|---|---|---|
| Rate % | 19 | 19 |
Different rates apply for ring-fenced (broadly oil industry) profit.
First Year Allowance (FYA) on certain energy-efficient plant, machinery and cars up to 50g/km – 100%.
Annual Investment Allowance (AIA) from 1 January 2019
£1,000,000 (£200,000)
Excludes cars and expenditure already qualifying for FYA
Writing Down Allowance
Expenditure not qualifying for AIA or FYA:
Long-life assets, integral features of buildings, cars over 110g/km. Rates reduced from April 2019 – 6% (8%)
Other plant and machinery – 18%
Structures and Buildings Allowance – 2%
From 29 October 2018 straight-line basis
| 2019/20 | 2018/19 | |
|---|---|---|
| Lifetime Allowance limit | £1,055,000 | £1,030,000 |
| Annual Allowance limit | £40,000 | £40,000 |
| Money Purchase Annual Allowance | £4,000 | £4,000 |
| From 1.4.19 | From 1.4.18 | |
|---|---|---|
| Standard rate | 20% | 20% |
| Reduced rate | 5% | 5% |
| Annual Registration Limit | £85,000 | £85,000 |
| Annual Deregistration Limit | £83,000 | £83,000 |
| Weekly benefit | 2019/20 | 2018/19 |
|---|---|---|
| Basic State Pension | £129.20 | £125.95 |
| New State Pension | £168.60 | £164.35 |
Statutory pay standard rates
average weekly earnings £118 (£116) or over
| Weekly benefit | 2019/20 | 2018/19 |
|---|---|---|
| Sick Pay | £94.25 | £92.05 |
| Maternity/Adoption Pay | £148.68 | £145.18 |
| Shared Parental Pay | £148.68 | £145.18 |
| Paternity Pay | £148.68 | £145.18 |
National Living Wage and National Minimum Wage
| Age | From 1 April 2019 |
|---|---|
| NLW | £8.21 |
| 21-24 | £7.70 |
| 18-20 | £6.15 |
| 16-17 | £4.35 |
| Apprentices | £3.90 |
Applies to apprentices under 19, or 19 and over in the first year of apprenticeship. NLW applies to those aged 25 and over.
| Payment Dates | 2019/20 | 2018/19 |
|---|---|---|
| Income Tax and Class 4 NIC | ||
| 1st Payment on account | 31 January 2020 | 31 January 2019 |
| 2nd Payment on account | 31 July 2020 | 31 July 2019 |
| Balancing payment | 31 January 2021 | 31 January 2020 |
| Class 2 NIC | 31 January 2021 | 31 January 2020 |
| Capital Gains Tax | 31 January 2021 | 31 January 2020 |
| Class 1A NIC | 19 July 2020 | 19 July 2019 |
Corporation Tax – 9 months and one day after the end of accounting period (quarterly instalments if large company)
2018/19 Returns Filing Deadlines:
31 May 2019 – P60s to employees
6 July 2019 – P11D and P11D(b) and copies to employees
31 October 2019 – paper Self Assessment Tax Return (SATR)
30 December 2019 – SATR Online where outstanding tax (subject to cap) to be included in 2020/21 PAYE code
31 January 2020 – SATR Online
