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.