Editorial team AccountingWEB.co.uk
Share this content

Tax tables 2015-16

4th Dec 2014
Editorial team AccountingWEB.co.uk
Share this content
AIA

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 Allowance

Money purchase allowance

 £1,250,000

N/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 (6)

Please login or register to join the discussion.

avatar
By angusbruce
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)
Replying to raj1234:
avatar
By davisgrant
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
By DAVID ROBERTS
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)
Replying to WhichTyler:
avatar
By Ken of Chester le Street
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
By AndrewV12
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)
avatar
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)