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Tax Tables

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Income Tax Rates 2016/17

Basic rate 20%           
Higher rate 40%             
Additional rate 45%
Dividend ordinary rate 7.5%
Dividend higher rate 32.5%
Dividend additional rate 38.1% 

Starting Rate for Savings 2016/17

Starting rate for savings 0%
Starting rate limit for savings* £5,000                                
Savings allowance at 0% basic rate taxpayers £1,000
Savings allowance at 0% higher rate taxpayers £500
Savings allowance at 0% additional rate tax payers £0

Special Rates for Trustees' Income 2016/17

Standard rate on first £1,000                                                                  Up to 20%, depends on type of income
Trust rate 45%
Dividend trust rate                                38.1%

Income Tax Allowances (£ per year) 2016/17

Personal Allowance  
Born after 5th April 1938 £11,000                            
Married Couple's Alllowance  
Maximum amount of married couple's allowance £8,355
Minimum amount of married couple's allowance £3,220

Employee and Employer Rates and Thresholds (£ per week) 2016/17

Class 1 NICs  
LEL for Class 1 NICs £112.00
UEL for employee's (primary) Class 1 NICs £827.00                             
Employment Allowance (per employer):  
Employee's (primary Class 1 contribution rates  
Between primary threshold and upper earnings limit  12%
Above upper earnings limit 2%
Employer's (secondary) Class 1 contribution rates  
Rate above the secondary threshold 13.8%

Pensions Savings Tax Relief 2016/17

Lifetime allowance £1 million
Annual allowance £40,000

Individual Savings Account (ISA)

Cash value of ISA limit £15,240      

Capital Gains Tax (CGT) 2016/17

Rates for individuals 10%/20%
Rates for trustees and representatives 20%
AEA for individuals £11,100
AEA for most trustees £5,500
Rate on gains subject to Entrepreneurs' Relief 10%
Entrepreneurs' Relief lifetime limit of gains £10,000,000
Investors' Relief lifetime limit of gains (for unlisted shares in trading companies newly issued to outsiders (not employees/officers) after 16/03/2016 and held for 3 years with disposals after 05/04/2019 £10,000,000                                                                                                                                              

Inheritance Tax 2016/17

Rate                      40%
Lower rate 36%
Nil rate band  £325,000

Stamp Duty Land Tax

Rate Threshold for transactions on and after 20 March 2014 (excluding Scotland)
Residential Non-residential
0%                        £0-£125,000 £0-£150,000
2% £125,001-£250,000 £150,001-£250,000
5%                          £250,001-£925,000 £250,001-£500,000
10% £925,001-£1,500,000 Over £500,000
12% Over £1,500,000 N/A

Rates may be increased by 3% where further residential properties consisting of £40,000 or more are acquired after 1 April 2016.

Stamp Duty and Stamp Duty Reserve Tax 2016/17

Standard rate 0.5%  
Higher rate 1.5%

Corporate Tax Allowances and Reliefs 2016/17 (Financial Year)

Plant and machinery: main rate 18%
Plant and machinery: special rate 8%
Annual Investment Allowance (AIA) £200,000
First year allowances 100%
R&D tax credits SME scheme 225%
R&D tax credits for large companies scheme 130%
Patent box 10% CT rate             

Corporation Tax Rates 2016/17 (Financial Year) - Profits

Rate on profits 20%    

VAT 2016/17

Standard rate 20%   
Reduced rate 5%
Zero rate 0%
Exempt N/A

VAT Registration and Deregistration Thresholds (from April 2016)

VAT registration threshold £83,000        
VAT deregistration threshold £81,000
 
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