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
|