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
15 / 16 15 / 16 16 / 17 16 / 17
Income Rate Income Rate
£0-5,000(savings) 10% £0-5,000(savings) 0%
0-31,785 20% 0-32,000 20%
31,786-150,000 40% 32,001-150,000 40%
>150,000 45% >150,000 45%
Income Tax Allowances
15 / 16 16 / 17
Single person <65 10,600 11,000
Personal allowance limit 100,000 100,000
Age allowance limit 27,700 27,700
Dividend allowance 5,000
Savings allowance (BR) 1,000
Savings allowance (HR) 500
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
15 / 16 15 / 16 16 / 17 16 / 17
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 £112
<=£155 pw nil
155.01 to 827 12%
Over 827 2%
Employers
<=£156 nil
>156 13.8%
Class 2 Class 3
Weekly contribution £2.80 Weekly contribution £14.10
Small earnings exception £5,965
Class 4
£8,060-43,000 9% Over £43,000 2%

Capital Gains Tax
Capital gains are taxed at 10% (20% for higher rate taxpayers) after deduction of the annual exemption of £11,100. 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)