Tax Data

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

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