TG&Co

Chartered Accountants

Principals:
Patricia Grant Bcom CA
Stephen Grant Bcom CA
Marita Scott BA(Hons) CA

Phone: 01786 430830

Personal tax


Technical Reference

Income Tax Rates
17 / 18 17 / 18 18 / 19 18 / 19
Income Rate Income Rate
£0-5,000(savings) 10% £0-5,000(savings) 0%
0-31,500 20% 0-2,000 19%
2,001-12,150 20%
12,151-31,580 21%
31,501-150,000 40% 31,581-150,000 41%
>150,000 45% >150,000 46%
Income Tax Allowances
17 / 18 18 / 19
Single person <65 11,500 11,850
Personal allowance limit 100,000 100,000
Age allowance limit 28,000 28,900
Savings allowance (BR) 1,000 1,000
Savings allowance (HR) 500 500
Dividend Tax
17 / 18 18 / 19
Dividend allowance 5,000 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
Inheritance Tax
17 / 18 17 / 18 18 / 19 18 / 19
Estate Rate Estate Rate
<=£325,000 nil <=£325,000 Nil
>325,000 40% >325,000 40%
National Insurance Contributions - Class 1
Employees Not contracted out
LEL £116
<=£162 pw nil
162.01 to 892 12%
Over 892 2%
Employers
<=£162 nil
>162 13.8%
Class 2 Class 3
Weekly contribution £2.95 Weekly contribution £14.65
Small earnings exception £6,205
Class 4
£8,424-46,350 9% Over £46,350 2%

Capital Gains Tax
Capital gains are taxed at 10% (20% for higher rate taxpayers) after deduction of the annual exemption of £11,700. 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.

HMRC

“No man in this country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or to his property as to enable the Inland Revenue to put the largest possible shovel into his stores” - Lord Clyde (1929)