0% starting rate on savings income up to* 5,000 5,000. Basic rate 20% 20%

Transcription

1 Tax Tables

2 2017/ /19 INCOME TAX RATES 0% starting rate on savings income up to* 5,000 5,000 Basic rate 20% 20% England, Wales & Northern Ireland higher rate of 40% on taxable income over (Scottish equivalent) Additional rate of 45% on taxable income over Scottish starter rate of 19% on taxable income between Scottish basic rate of 20% on taxable income between Scottish intermediate rate of 21% on taxable income between Scottish higher rate of 41% on taxable income between Scottish additional rate of 46% on taxable income over Tax on dividends received by: basic rate tax payers** higher rate tax payers** additional rate tax payers** Discretionary trustees: standard rate band (SRB) tax on dividends within SRB other income within SRB tax on dividends above SRB other income above SRB 33,500 ( 31,500) 150,000 34,500 (see below) 150,000 N/A 0-2,000 N/A 2,001-12,150 N/A 12,151-31,580 N/A 31, ,000 N/A 150, % 32.5% 38.1% 1, % 20% 38.1% 45% 7.5% 32.5% 38.1% 1, % 20% 38.1% 45% Pre-owned assets tax minimum taxable as income 5,000 5,000 * Not available if taxable non-savings income exceeds starting rate band. ** For 2018/19 a dividend allowance of 2,000 is available to all taxpayers ( 5,000 in 2017/18).

3 2017/ /19 MAIN PERSONAL ALLOWANCES AND RELIEFS Personal allowance 11,500 11,850 Personal savings allowance: basic rate tax payers higher rate tax payers 1, , Dividend allowance 5,000 2,000 Married/civil partners (min)* 3,260 3,360 Married/civil partners (max)* 8,445 8,695 Transferable tax allowance for married/civil partners** Personal allowance reduced by 1 for every 2 of income over 1,150 1, , ,000 Income limit for or married couples allowances reduced by 1 for every 2 of income over 28,000 28,900 Venture Capital Trust (VCT) at 30% Maximum tax-relieved investment 200, ,000 Enterprise Investment Scheme (EIS) at 30% Maximum tax-relieved investment EIS Capital gains re-investment relief Seed Enterprise Investment Scheme (SEIS) at 50% Maximum tax-relieved investment Capital gains re-investment relief Remittance Basis Charge UK resident for 7 of 9 previous tax years UK resident for 12 of 14 previous tax years 1,000,000 No limit 100,000 50,000 30,000 60,000 1,000,000 *** No limit 100,000 50,000 30,000 60,000 * Where at least one spouse/civil partner was born before 6 April 1935, tax relief is given at 10%. ** Available to spouses/civil partners born after 5 April 1938 Maximum tax reduction is 20% of the transferred amount. *** The limit rises to 2,000,000 from 6 April 2018 provided the additional 1,000,000 is invested in one or more knowledge-intensive companies.

4 2017/ /19 REGISTERED PENSION SCHEMES Lifetime allowance* 1,000,000 1,030,000 Annual allowance 40,000 40,000 The annual allowance is reduced by 1 for every 2 of adjusted income above 150,000 subject to a minimum allowance of 10,000. Maximum pension commencement lump sum* Maximum relievable pension contribution 25% of pension benefit value 100% of relevant UK earnings or 3,600 if greater Lifetime allowance charge if excess drawn as cash if excess drawn as income 55% 25% 55% 25% Annual allowance charge on excess At member s marginal rate Money purchase annual allowance** 4,000 4,000 Death benefits paid on or after age 75 lump sum pension death benefit to beneficiary At recipient s marginal rate * Subject to transitional protection for excess amount. ** Applies when individual has flexibly accessed pension savings. 2017/ /19 BASIC STATE PENSION WEEKLY ANNUALLY WEEKLY ANNUALLY Single person , , Dependant s addition , , Total married pension , , Pension Credit standard income guarantee Single Married , , , , Single tier state pension* , , * Introduced from 6 April 2016 for those who reach State Pension Age on or after that date. 2017/ /19 INDIVIDUAL SAVINGS ACCOUNTS (ISAs) MAXIMUM SUBSCRIPTION ISA 20,000 20,000 Junior ISA/Child Trust Fund 4,128 4,260

5 2017/ /19 NATIONAL INSURANCE CONTRIBUTIONS (NIC) EMPLOYEE EMPLOYER EMPLOYEE EMPLOYER Employed Class 1 Class 1 NIC rate No NICs on the first NICs charged at 12%/13.8% up to 2% NIC on earnings over Certain married women 12% 157 pw 866 pw 866 pw 5.85% 13.8% 157 pw No limit N/A 13.8% 12% 162 pw 892 pw 892 pw 5.85%* 13.8% 162 pw No limit N/A 13.8% * 2% on weekly earnings over 892 (2017/18 866). 2017/ /19 LIMITS AND THRESHOLDS WEEKLY ANNUALLY WEEKLY ANNUALLY Lower earnings limit 113 5, ,032 Primary threshold 157 8, ,424 Upper earnings limit , ,350 Class 1A Employer On car and fuel benefits and most other taxable benefits Self-Employed Class 2 Flat rate Small earnings exception Class 4 unless over state pension age on 6 April 2009 On profits Voluntary Class 3 Flat rate 13.8% 13.8% ,025 8,164-45,000 9% pa 45,000 2% pa ,205 8,424-46,350 9% pa 46,350 2% pa per week per week

6 2017/ /19 CAPITAL GAINS TAX Tax Rates Individuals - higher rate taxpayers* - others Trusts and legal personal representatives Annual Exempt Amount Individuals and personal representatives Trusts (maximum) 20%** 10%** 20%** 11,300 5,650 20%** 10%** 20%** 11,700 5,850 Entrepreneurs Relief 10% tax on gain up to the lifetime limit of 10,000,000. For trading businesses and companies must be employee/officer of company. Assets or shares must be held for at least one year. * Includes those whose taxable gains when added to income exceed the threshold for higher rate income tax. ** The 18% and 28% rates will continue to apply to carried interest and chargeable gains on residential property which has not been the owners only or main residence throughout the ownership period. 2017/ /19 INHERITANCE TAX Nil-rate band* 325, ,000 Residence nil-rate band* 100, ,000 Rate of tax on excess 40%** 40%** Lifetime tax on chargeable lifetime transfers Business and agricultural property relief Taper relief on gifts within 7 years of death Years before death % of death charge Annual exemptions 20% 20% 100% / 50% 100% / 50% ,000 per donor 250 per donee per year (small gifts) * Up to 100% of the unused proportion of a deceased spouse s / civil partner s nil-rate band and residence nil-rated band can be claimed on the surviving spouse s /civil partner s death. ** Rate reduced to 36% where 10% or more of a deceased person s estate is left to charity or registered community amateur sports club. 2018/19 VALUE ADDED TAX Standard rate 20%

7 COMPANY CAR - ADVISORY FUEL RATES From 01/03/2018 Engine Size Petrol LPG Engine Size Diesel 1,400cc or less 1,401cc to 2,000cc 2,000cc 11p 14p 22p 7p 8p 13p 1,600cc or less 1,601cc to 2,000cc 2,000cc Use of Own Vehicle tax-free mileage per business mile Up to 10,000 business miles Cars 45p 10,000 business miles Cars 25p Vans taxable amounts for private use Van: 3,350* Fuel: 633 No charge if private use is limited to journeys between home and work. * Vans which emit CO 2 when driving, otherwise 1,340. 9p 11p 13p For information only. Always seek professional advice before acting or refraining from acting on any of the contents of these tax tables. Whilst every effort has been made to ensure that the information contained in these tax tables is correct at the time of printing, the companies within the Sanlam Group can accept no liability for any loss arising as a result of reliance placed upon the information contained in these tax tables. For enquiries: Call us on us at enq@sanlam.co.uk Sanlam & Sanlam Investments and Pensions are trading names of Sanlam Life & Pensions UK Limited (SLP (Registered in England and Wales )) and Sanlam Financial Services UK Limited (SFS (Registered in England and Wales )). SLP is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. SFS is authorised and regulated by the Financial Conduct Authority. Registered Office: St. Bartholomew s House, Lewins Mead, Bristol, BS1 2NH. Sanlam Private Wealth is a trading name of Sanlam Private Investments (UK) Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales Registered office: 16 South Park, Sevenoaks, Kent TN13 1AN 8038/

8 Taxable amount based on car s list price when new. Charge varies according to CO 2 emissions in grams per kilometre CAR AND CAR FUEL BENEFITS CO 2 emissions in grams per kilometre (g/km) Percentage of car s price charged to tax Petrol 2018/ and above Diesel* Fuel Benefits taxable amount for private use Multiply the CO 2 % used for the car benefit by Minimum charge at 13% Maximum charge at 37% 23,400 3,042 8,658 * Cars that meet the Real Driving Emissions Step 2 (RDE2) are exempt from the diesel supplement.

9 2018/19 STAMP DUTY LAND TAX* (property purchased in England and Northern Ireland) RESIDENTIAL basis)* NON-RESIDENTIAL 0-125,000 0% 0-150,000 0% 125, , ,000** 925,001-1,500,000** 1,500,000** 2% 5% 10% 12% 150,001 - LAND TRANSACTION TAX (property purchased in Wales from 1 April 2018) RESIDENTIAL basis)* basis) 2% 5% NON-RESIDENTIAL 0-150,000 0% 0-150,000 0% 150, , , , ,000** 750,001-1,500,000** 1,500,000** 2.5% 5% 7.5% 10% 12% 150, ,001-1,000,000 1,000,000 LAND AND BUILDINGS TRANSACTION TAX (property purchased in Scotland) RESIDENTIAL basis)* basis) 1% 5% 6% NON-RESIDENTIAL 0-145,000 0% 0-150,000 0% basis) 145,001-2% 150, ,000 3% 250, ,000 5% 350, % 325, ,000** 10% 750,000** 12% * All rates increased by 3% for purchases of additional residential property from 1 April 2016 if value is over 40,000 ** 15% for purchases over 500,000 by certain non-natural persons

10 2018/19 STAMP DUTY LAND TAX Rates for first time buyers purchasing property worth 500,000 or less 0-300,000 0% 300, ,000 5% (on portion of value above threshold) on or after 22 November 2017 if purchase qualifies for first-time buyer relief 500,000 Standard rate above apply 2017/ /19 STAMP DUTY AND STAMP DUTY RESERVE TAX Standard rate 0.5% 0.5% Higher rate 1.5% 1.5% CORPORATION TAX Rate to 31/03/18 Rate to 31/03/19 Main rate 19% 19%