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.