Tax tables 2014-15

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These tables reflect announcements made in December 2013. For more detail on these rates, see Tax and tax credit rates and thresholds for 2014-15. Further guidance is available elsewhere on Gov.uk.

Income tax, capital gains tax, and inheritance tax - personal and age-related allowances

Per year 2013-14 2014-15
Personal allowance (age under 65)    £9,440   £10,000
Personal allowance (age 65-75)  £10,500   £10,500
Personal allowance (age 75 and over)  £10,660 £10,660
Married couple's allowance (age 77 and over)  £7,915   £8,165
Married couple's allowance - minimum amount  £3,040   £3,140
Income limit for age-related allowances
(2013-14 figure applies to those aged 65+)
 £26,100  £27,000
Income limit for under 65 personal allowance £100,000 £100,000
Blind person’s allowance  £2,160 £2,230
Capital gains tax annual exempt amount
Individuals etc.  £11,000  £11,100
Most trustees  £5,450  £5,550
Individual inheritance tax allowance  £325,000 £325,000 
Pension schemes allowances
Annual Allowance £50,000  £40,000
Lifetime Allowance  £1,500,000 £1,250,000

Income tax: Taxable bands

  2013-14 2014-15
Savings starting rate*: 10%  0-£2,790  0-£2,880
Basic rate: 20%  0-£32,010  0 - £31,865
Higher rate: 40% £32,011 - £150,000  £31,866 - £150,000
Additional rate:
(reduced 5% in 2013-14)
Over £150,000 (45%) Over £150,000 (45%)

* Only available if non savings income is less than this amount

Capital gains tax rates

  2013-14 2014-15
Standard rate of CGT 18% 18%
Higher rate (for higher rate income tax payers) 28% 28%
Rate for Entrepreneurs  10% 10%

Corporation tax on profits

£ per year (unless stated) 2013-14 2014-15
£0-£300,000  20%  20%
£300,001 - £1,500,000 Marginal rate  Marginal rate 
£1,500,001 or more  23%  21%

* Annual 1% reductions announced in 2011 Budget were accelerated with another 1% to reach a unified rate of 20% by 2015-16. 

National insurance contributions

per week (unless stated) 2013-14 2014-15
Lower earnings limit, primary Class 1  £109 £111
Upper earnings limit, primary Class 1  £797  £805
Upper Accruals point  £770  £770
Primary threshold  £149  £153
Secondary threshold  £148  £153
Employees’ primary Class 1 rate between primary threshold and upper earnings limit  12%  12%
Employees’ primary Class 1 rate above upper earnings limit  2%  2%
Employees’ contracted-out rebate - salary-related schemes  1.4%  1.4%
Married women’s reduced rate between primary threshold and upper earnings limit  5.85%  5.85%
Married women’s rate above upper earnings limit  2%  2%
Employers’ secondary Class 1 rate above secondary threshold  13.8%  13.8%
Class 2 rate  £2.70  £2.75
Class 2 small earnings exception (per year)  £5,725  £5,885
Special Class 2 rate for share fishermen  £3.35  £3.40
Special Class 2 rate for volunteer development workers  £5.45  £5.55
Class 3 rate (per week)  £13.55  £13.90
Class 4 lower profits limit (per year)  £7,755 £7,956 
Class 4 upper profits limit (per year)  £41,450 £41,865
Class 4 rate between lower profits limit and upper profits limit  9%  9%
Class 4 rate above upper profits limit  2%  2%

Working and child tax credits rates

£ per year (unless stated) 2013-14 2014-15
Working Tax Credit
Basic element  £1,920 £1,940
Couple and lone parent element  £1,970 £1,990
30 hour element  £790 £800
Disabled worker element  £2,855 £2,935
Severe disability element  £1,220 £1,255
Childcare element of the Working Tax Credit
Maximum eligible cost for one child  £175pw £175pw 
Maximum eligible cost for two or more children  £300pw £300pw 
Percentage of eligible costs covered  70% 70% 
Child Tax Credit
Family element  £545 £545
Child element  £2,720 £2,750
Disabled child element  £3,015 £3,100
Severely disabled child element  £1,220 1,255
Income thresholds and withdrawal rates
First income threshold  £6,420 £6,420 
First withdrawal rate  41%  41%
First threshold for those entitled to Child Tax Credit only  £15,910  £16,010
Income rise disregard  £5,000  £5,000
Income fall disregard £2,500 £2,500

Individual Savings Account (ISA)

Annual ISA subscription limit 2013-14 2014-15
Overall limit  £11,520 £11,880 
  of which cash  £5,760 £5,940
  of which stocks & shares  £11,520 £11,880
Junior ISA subscription limit £3,720 £3,840

Stamp taxes and duties

Transfers of land and buildings (consideration paid)

Rate  Non residential Residential
Total value of consideration
Zero  £0-£150,000  £0-£125,000
1%  £150,001-£250,000  £125,001-£250,000
3% £250,001-£500,000 £250,001-£500,000 
4%  over £500,000 £500,001-£1m
5% £1,000,001-£2m
7% Over £2m

 

Accounting WEB
Editorial team
AccountingWEB.co.uk
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11th Dec 2013 10:52

CGT Annual Exemption

I thought the 2013/14 CGT exemption was £10,900, not £11,000.

Thanks (2)
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By awgw1
16th Dec 2013 14:39

Tax Tables 2013/15

Annual Allowances for Capital Gains tax are one year out

Thanks (2)
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By TJC2011
20th Mar 2014 12:02

Savings rate

I thought the 10% rate on savings had been abolished?

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By Jacko
28th Mar 2014 13:14

Savings Rate

It is my understanding that those whose savings take them over the personal allowance, the 10% rate will be abolished from April 2015 and the band of savings income that is subject to the 0% rate will be increased from £2,790 to £5,000.

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