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
|