2017/18 TAX TABLES. savings. champion.co.uk

Transcription

1 0/ TAX TABLES savings champion.co.uk

2 INCOME TAX Rates / / Basic rate of 0% on income up to: UK (excl. Scotland),00,000 Scotland,00 *,000 Higher rate of 0% on income over: UK (excl. Scotland),00,000 Scotland,00 *,000 Additional rate of % on income over: all UK 0,000 0,000 Starting rate of 0% on savings income up to,000,000 Savings allowance at 0% tax: Basic rate taxpayers,000,000 Higher rate taxpayers Additional rate taxpayers 0 0 Dividend allowance at 0% tax all individuals,000,000 Tax rate on dividend income : Basic rate taxpayers.%.% Higher rate taxpayers.%.% Additional rate taxpayers.%.% Trusts: Standard rate band generally,000,000 Rate applicable to trusts: Dividends.%.% Other income % % *For non-dividend, non-savings income only: otherwise UK (excl. Scotland) band applies. Not available if taxable non-savings income exceeds the starting rate band. Child Benefit Charge % of benefit per 0 of income between 0,000 and 0,000. Main Personal Allowances and Reliefs / / Personal (basic),00,000 Personal reduced by for every of net income over 0,000 0,000 Marriage/civil partners transferable allowance,0,0 Married couples /civil partners allowance at %* (if at least one born before //) maximum,, minimum,0,0 Blind person s allowance,0,0 Rent-a-room tax-free income,00,00 *Reduced by for every of income over,000 (,00 for /), until minimum reached. Non-domicile remittance basis charge after UK residence in at least: of the last tax years 0,000 0,000 of the last tax years 0,000 0,000 of the last 0 tax years N/A 0,000 REGISTERED PENSIONS / / Lifetime allowance,000,000,000,000 Annual allowance* 0,000 0,000 ey purchase annual allowance,000,000 Annual allowance charge on excess 0% % 0% % Max. pension commencement lump sum % of pension benefit value Lifetime allowance charge if excess drawn as cash % / income % *Subject to 0% taper down to,000 if threshold income over,000 and adjusted income over 0,000.

3 NATIONAL INSURANCE CONTRIBUTIONS Class Employee Employer NIC rate %.% No NICs on the first Age under / for apprentices pw pw Age / & over pw pw NICs rate charged up to pw No limit % NICs on earnings over pw N/A Certain married women.%.% Employment Allowance,000 Per business not available if a director is the sole employee. Limits and Thresholds Weekly thly Annual Lower earnings limit 0, Primary earnings threshold 0, Secondary earnings threshold 0, Upper earnings limit and upper secondary earnings threshold (under or apprentice under ),0,000 Class A Employer On car & fuel benefits and most other taxable benefits provided to employees and directors.% Self-Employed Class Flat rate. pw.0 pa Self-Employed Small profits threshold,0 pa Self-Employed Class On profits,,000 pa % Over,000 pa % Class Flat rate. pw.00 pa STATE PENSION Weekly Annual Single tier*.,.0 Basic Single person.0,.0 Basic Spouse/civil partner.0,.0 *State pension age reached after // State pension age reached before // Pension Credit standard minimum guarantee Single.,.0 Couple.,.00 PROPERTY TRANSACTION TAXES Residential property value (on slices of value) UK (excl. Scotland): % Scotland: Land and Buildings % Stamp Duty Land Tax (SDLT) Transaction Tax (LBTT) Up to,000 0 Up to,000 0,00 0,000,00 0,000 0,00,000 0,00,000,00,00,000,00 0,000 Over,00,000 Over 0,000 Second properties over 0,000 add % to relevant SDLT/LBTT rate UK properties bought by companies etc over 00,000 % on total value Commercial property value (on slices of value) UK (excl. Scotland): SDLT % Scotland: LBTT % Up to 0,000 0 Up to 0, ,00 0,000 0,00 0,000 Over 0,000 Over 0,000. Stamp Duty and SDRT: Stocks and marketable securities 0.% No charge to stamp duty unless the duty exceeds.

4 TAX INCENTIVISED INVESTMENT / / Individual Savings Account (ISA) 0,000,0 Junior ISA and Child Trust Fund,,00 Lifetime ISA,000 N/A Help to Buy ISA,000 initial and 00 per month Venture Capital Trust (VCT) at 0% 00,000 00,000 Enterprise Investment Scheme (EIS) at 0%,000,000,000,000 EIS eligible for CGT reinvestment deferral relief No limit No limit Seed EIS (SEIS) at 0% 0,000 0,000 SEIS CGT reinvestment relief 0% 0% CAPITAL GAINS TAX Tax Rates Individuals / / Up to basic rate limit (UK excl. Scotland) % % Above basic rate limit (UK excl. Scotland) 0% 0% Tax Rate Trusts and Estates 0% 0% Surcharge for residential property and carried interest % % Exemptions Individuals, estates, etc,00,0 Trusts generally,0,0 Chattels (gain restricted to rds of,000,000 proceeds exceeding limit) Entrepreneurs Relief % on lifetime limit of,000,000 For trading businesses and companies (minimum % employee/officer shareholding) held for at least one year. INHERITANCE TAX / / Nil-rate band*,000,000 Residence nil-rate band* 0,000 N/A Rate of tax on excess 0% 0% Rate if at least % of net estate left to charity % % Lifetime transfers to and from certain trusts 0% 0% Overseas domiciled spouse/civil partner exemption,000,000 0% relief: businesses, unlisted AIM companies, certain farmland/buildings 0% relief: certain other business assets e.g. farmland let before // Annual exempt gifts of:,000 per donor 0 per donee *Up to 0% of the unused proportion of a deceased spouse s/civil partner s nil-rate band can be claimed on the survivor s death. Subject to 0% taper for estates above,000,000. Tax charge on gifts within years of death Years before death 0 % of death tax charge CORPORATION TAX Profits Diverted Profits Year to // % % Year to // 0% % Corporation tax at.% on outstanding loans to participators. VALUE ADDED TAX Standard rate 0% Reduced rate, e.g. on domestic fuel % Registration level from //,000 Deregistration level from //,000 Flat rate scheme turnover limit 0,000 Cash and annual accounting schemes turnover limit,0,000

5 CAR BENEFITS Taxable amount based on car s list price when new. Charge varies according to CO emissions in grams per kilometre. CO emissions Petrol Diesel g/km % % CO emissions Petrol Diesel g/km % % & over Fuel Benefit taxable amount for private use Multiply the CO percentage charge used for car benefit by,00 VANS FOR PRIVATE USE / / Zero emission: chargeable amount Other vans: chargeable amount,0,0 Fuel: chargeable amount TAX-FREE BUSINESS MILEAGE ALLOWANCE OWN VEHICLE Cars first,000 miles: p per mile; thereafter: p per mile Qualifying passenger p per mile Motorcycles p per mile Bicycles 0p per mile MAIN CAPITAL AND OTHER ALLOWANCES Plant & machinery 0% annual investment allowance (st year): 00,000 Enterprise zone plant and machinery (Max m per investment project) 0% Plant and machinery (annual reducing balance) % Patent rights and know-how (annual reducing balance) % Certain long-life assets and integral features of buildings (annual reducing balance) % Energy and water-efficient equipment 0% Electric vans 0% Motor Cars CO emissions of g/km: or less* 0 or more Capital allowance: 0% first year % pa % pa *New cars only. Reducing balance. Research and Development Capital expenditure 0% Revenue expenditure relief small/medium-sized companies 0% Research and development expenditure credit large companies %

6 SOCIAL SECURITY AND OTHER USEFUL RATES Weekly rates unless stated otherwise. Certain benefits will be affected by the phasing in of Universal Credit. These are marked *. Attendance Allowance Higher rate. Lower rate. Carer s Allowance.0 Employment and Support Allowance* -week assessment phase Aged under : up to.0 Aged or over: up to. From week after Work Capability Assessment if eligible In Work Related Activity Group up to. In Support Group up to. Statutory Pay Rates Average weekly pay or over Statutory Sick Pay (SSP) standard rate. Statutory Maternity Pay (SMP)/Statutory Adoption Pay (SAP) First weeks 0% of average weekly pay Next weeks 0% of average weekly pay subject to a maximum of 0. Statutory Paternity Pay (SPP) 0% of average pay subject to a maximum of 0. Shared Parental Pay (ShPP) up to weeks 0% of average pay subject to a maximum of 0. Jobseeker s Allowance* Aged under.0 Aged or over. National Minimum/National Living Wage // // (per hour) Aged & over.0 Aged.0 Aged 0.0 Aged under.0 Apprentice.0 MAIN DUE DATES FOR TAX PAYMENTS Income Tax, NIC and Capital Gains Tax Self-Assessment Jan in tax year Normally 0% of previous year s income tax Following July } (less tax deducted at source) and class NIC Following Jan Balance of income tax and class NIC, and all CGT and class NIC Inheritance Tax On death: normally months after month of death Lifetime transfer April 0 September: 0 April in following year Lifetime transfer October April: months after month of transfer Corporation Tax Self-assessment: months and one day after end of accounting period Payable by instalments where profits are.m or over. Normally payable in th, th, th and th months after start of accounting period. Growing companies: no instalments where profits are m or less and the company was not a large company for the previous year. Copyright March 0. Subject to Finance Act 0. For information only. Always seek professional advice before acting.

7 January February March April May June July August September October November December January February March CALENDAR 0 CALENDAR

8 savings champion.co.uk Savings Champion Beazer House Lower Bristol Road Bath BA BA T: 000 W: Company Registration Number: 00. Registered Address: SavingsChampion.co.uk, No The Bourse, Leeds, LS DE