Income Tax Rates
19 / 20 |
19 / 20 |
20 / 21 |
20 / 21 |
Income |
Rate |
Income |
Rate |
£0-5,000(savings) |
10% |
£0-5,000(savings) |
0% |
0-2,049 |
19% |
0-2,095 |
19% |
2,050-12,444 |
20% |
2,086-12,658 |
20% |
12,445-30,930 |
21% |
12,659-30,930 |
21% |
30,931-150,000 |
40% |
30,931-150,000 |
41% |
>150,000 |
46% |
>150,000 |
46% |
Income Tax Allowances
|
19 / 20 |
20 / 21 |
Single person <65 |
12,500 |
12,500 |
Personal allowance limit |
100,000 |
100,000 |
Age allowance limit |
29,600 |
30,200 |
Savings allowance (BR) |
1,000 |
1,000 |
Savings allowance (HR) |
500 |
500 |
Dividend Tax
|
19 / 20 |
20 / 21 |
Dividend allowance |
2,000 |
2,000 |
Ordinary rate |
7.5% |
7.5% |
Upper rate |
32.5% |
32.5% |
Additional rate |
38.1% |
38.1% |
Scottish Land and Buildings Transaction Tax (residential property)
% |
Proceeds |
0 |
£0-145,000 |
2 |
>£145,001-250,000 |
5 |
>£250,001-325,000 |
10 |
>£325,001-750,000 |
12 |
>£750,000 |
LBTT has been temporarily suspended until 31⁄3/21 on proceeds up to £250,000
Inheritance Tax
19 / 20 |
19 / 20 |
20 / 21 |
20 / 21 |
Estate |
Rate |
Estate |
Rate |
<=£325,000 |
nil |
<=£325,000 |
Nil |
>325,000 |
40% |
>325,000 |
40% |
Residence nil rate band £175,000 from 1 April 2020.
National Insurance Contributions - Class 1
Employees |
Not contracted out |
LEL |
£120 |
<=£183 pw |
nil |
183.01 to 962 |
12% |
Over 962 |
2% |
Employers |
|
<=£169 |
nil |
>169 |
13.8% |
Class 2 |
|
Class 3 |
|
Weekly contribution |
£3.05 |
Weekly contribution |
£15.30 |
Small earnings exception |
£6,475 |
|
|
Class 4 |
|
|
|
£9,500-50,000 |
9% |
Over £50,000 |
2% |
Capital Gains Tax
Capital gains are taxed at 10% (20% for higher rate taxpayers) after deduction of the annual exemption of £12,300. Residential property gains are taxed at 18% and 28%. Gains on business assets may be eligible for entrepreneurs relief which reduces the rate to 10% up to a lifetime limit of £10m.