Tax tables 2015-16

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These tables reflect announcements made in December 2014.

For more detail on these rates, see Tax and tax credit rates and thresholds for 2015-16.

Please note that the information here is derived from published government sources and may not be immune from errors. 

For definitive guidance please consult the relevant pages on Gov.uk and alert AccountingWEB of any inaccuracies that you detect.

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

Per year 2014-15 2015-16
Personal allowance (age under 65)    £10,000   £10,600
Personal allowance (age 65-75)  £10,500   £10,600
Personal allowance (age 75 and over)  £10,660 £10,660
Married couple's allowance (age 77 and over)  £8,165   £8,355
Married couple's allowance - minimum amount  £3,140   £3,220
Income limit for age-related allowances
(2013-14 figure applies to those aged 65+)
 £27,000  £27,700
Income limit for under 65 personal allowance £100,000 £100,000
Blind person’s allowance  £2,230 £2,290
Capital gains tax annual exempt amount
Individuals etc.  £11,000  £11,100
Most trustees  £5,500  £5,550
Individual inheritance tax allowance  £325,000 £325,000 
Pension schemes allowances
Annual Allowance £40,000  £40,000
Lifetime AllowanceMoney purchase allowance  £1,250,000N/A £1,250,000£10,000

Income tax: Taxable bands

  2014-15 2015-16
Savings starting rate*: 10%  0-£2,880  0-£5,000
Basic rate: 20%  0-£31,865  0 - £31,785
Higher rate: 40% £31,866-£150,000  £31,786 - £150,000
Additional rate:
 
Over £150,000 (45%) Over £150,000 (45%)
* Only available if  taxable non-savings income is less than this amount; this rate has also been reduced to 0%  for 2015-16.

Capital gains tax rates

  2014-15 2015-16
Standard rate of CGT 18% 18%
Higher rate (for higher rate income tax payers) 28% 28%
Rate for Entrepreneurs' relief claims  10% 10%
Corporation tax on profits
£ per year (unless stated) 2014-15 2015-16
£0-£300,000  20%  20%
£300,001 - £1,500,000 Marginal rate  N/A
£1,500,001 or more  21%  20%
National insurance contributions
per week (unless stated) 2014-15 2015-16
Lower earnings limit, primary Class 1  £111 £112
Upper earnings limit, primary Class 1  £805  £815
Upper Accruals point  £770  £770
Primary threshold  £153  £155
Secondary threshold  £153  £156
Upper secondary threshold (for those under 21) n/a £815
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  £2.75  £2.80
Class 2 small earnings exception/small profits (per year)  £5,885  £5,965
Special Class 2 rate for share fishermen  £3.40  £3.45
Special Class 2 rate for volunteer development workers  £5.55  £5.60
Class 3 rate (per week)  £13.90  £14.10
Class 4 lower profits limit (per year)  £7,956 £8,060 
Class 4 upper profits limit (per year)  £41,865 £42,385
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) 2014-15 2015-16
Working Tax Credit
Basic element  £1,940 £1,960
Couple and lone parent element  £1,990 £2,010
30 hour element  £800 £810
Disabled worker element  £2,935 £2,970
Severe disability element  £1,255 £1,275
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  £2,750 £2,780
Disabled child element  £3,100 £3,140
Severely disabled child element  £1,255 1,275
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  £16,010  £16,105
Income rise disregard  £5,000  £5,000
Income fall disregard £2,500 £2,500
Individual Savings Account (ISA)
Annual ISA subscription limit 2014-15 2015-16
Overall limit*  £15,000 £15,240 
Child Trust Fund (CTF) subscription limit+ £4,000 £4,080
* Until 1 July 2014 the total annual subscription limit was £11,880, of which up to £5,940 could be placed in a cash ISA.
+ Also until 1 July 2014 the Junior ISA and CTF subscription limit was £3,840.

Stamp taxes and duties - Transfers of land and buildings 

On 4 December 2014 the SDLT "slab" rates were replaced by a new regime under which you will only pay the rate of tax on the part of the property price within each tax band. In Scotland the new rates will apply until 1 April 2015, when SDLT will be replaced by the Land and Buildings Transaction Tax. These changes do not affect the SDLT rates on residential leases or commercial/mixed properties, which are listed in separate tables below. For fuller details, see HMRC's updated SDLT rates and allowances page.

Rate Residential - Total value of consideration
Zero  £0-£125,000
2%  £125,001-£250,000
5% £250,001-£925,000 
10% £925,001-£1.5m
12% Over £1.5m
Rate Residential - New lease transfer value
Zero  £0-£125,000
1%  £125,001-£250,000
3% £250,001-£500,000 
4% £500,001-£1m
5% £1m-£2m
7% Over £2m
Rate  Non-residential - Total value of consideration
Zero  £0-£150,000
1%  £150,001-£250,000
3% £250,001-£500,000
4%  over £500,000

Replies

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avatar
08th Dec 2014 14:37

NIC Employment Allowance

Thank you.

I've been trying to establish whether this will be available again in April, including ringing HMRC, I noted that the scheme was to include Carers,who had previously been excluded.

HMRC didn't known and I wondered if anyone here knew?

Many thank

Thanks (0)
avatar
19th Mar 2015 12:58

Yes and yes

It has been confirmed the allowance will continue for now and that domestic helpers will be included from 6 April : https://www.gov.uk/claim-employment-allowance

 

Thanks (0)
avatar
12th Dec 2014 14:16

I am wondering the same!  I

I am wondering the same!  I can find nothing that says it is not continuing, so I have a working assumption that it is continuing!

Thanks (1)
avatar
19th Mar 2015 11:14

Employment allowance

A bit of googling indicates that several payroll software companies expect the £2000 allowance to be maintained at £2000.  This is not an infallible source, but they presumably get their figures from somewhere! Some press release perhaps?  Man in the pub?

Thanks (0)
avatar
12th Jan 2015 16:00

Personal allowance

I can remember when the personal allowance was around £3,250 it does not seem that long ago, where will it be in 5 years time. 

Thanks (0)
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By Csilla
25th Jan 2016 18:43

company (beneficial) loan-exemption

Tax year 2014/15: there is no assessable benefit if the outstanding company loan is not more than £10,000. (Before it was £5,000). How much is it for 2015/16? I just couldn't find the answer. Anybody can tell me? Thanks in advance.

Thanks (0)