15/16 Tax Rates
Capital Gains Tax
Exemptions | 15/16 | 14/15 |
---|---|---|
Individuals, estates, etc | £11,100 | £11,000 |
Trusts generally | £5,500 | £5,500 |
Chattels proceeds (restricted to 5⁄3rds proceeds gain exceeding limit) | £6,000 | £6,000 |
Rates | 15/16 | 14/15 |
---|---|---|
Individuals – Up to basic rate limit | 18% | 18% |
Individuals – Above basic rate limit | 28% | 28% |
Trusts and estates | 28% | 28% |
Entrepreneurs’ Relief* | 15/16 | 14/15 |
---|---|---|
Gains taxed at | 10% | 10% |
Lifetime Limit | £10,000,000 | £10,000,000 |
Corporation Tax
Profits | Effective rateto 31/3/16 | Effective rateto 31/3/15 |
---|---|---|
0–£300,000 | 20% | 20% |
£300,001 – £1,500,000 | 20% | 21.25% |
£1,500,001 and over | 20% | 21% |
Dates for Tax Payments
Income Tax and Capital Gains Tax
31 January in Tax Year
Normally 50% of previous year’s income tax, less tax deducted at source
Following 31 July
Normally 50% of previous year’s income tax, less tax deducted at source
Following 31 January
Balance of income tax and all capital gains tax
Corporation Tax
Self Assessment 9 months after end of accounting period
Payable by installments where profits are £1.5m or over. Normally payable in 7th, 10th, 13th and 16th months after start of accounting period.
Growing companies: no installments where profits are £10m or less and the company was not a large company the previous year.
Inheritance Tax
15/16 | 14/15 | |
---|---|---|
Nil-rate band* | £325,000 | £325,000 |
Rate of tax on excess | 40%† | 40%† |
Lifetime transfers to and from certain trusts | 20% | 20% |
Exemption for non-UK domiciled spouse/civil partner | £325,000 | £325,000 |
100% relief: businesses, unlisted/AIM companies, certain farmland and farm buildings
50% relief: certain other business assets e.g. farmland let pre 1/9/95.
* Up to 100% of the unused portion of a deceased spouse’s/civil partner’s ni-rate band can be claimed on the survivor’s death.
† 36% where at least 10% of the net estate leC to charity for deaths aCer 5/4/12.
Income Tax Rates
Taxable income | 15/16 | 14/15 |
---|---|---|
Starting rate of 0% on savings income up to* | £5,000 | n/a |
Starting rate of 10% on savings income up to* | n/a | £2,880 |
Basic rate of 20% on income up to | £31,785 | £31,865 |
Maximum tax at basic rate | £6,357 | £6,373 |
£31,786 – | £31,866 – | |
Higher rate of 40% on income | £150,000 | £150,000 |
Tax on first £150,000 | £53,643 | £53,627 |
Additional rate on income over £150,000 | 45% | 45% |
Dividends for: | ||
Basic rate taxpayers | 10% | 10% |
Higher rate taxpayers | 32.50% | 32.50% |
Additional rate taxpayers | 37.50% | 37.50% |
Trusts: | ||
Standard rate band generally | £1,000 | £1,000 |
Rate applicable to trusts: Dividends | 37.50% | 37.50% |
Rate applicable to trusts: Other income | 45% | 45% |
Child Benefit: | ||
1% of benefit for every £100 of income for the tax year between | £50,000 – £60,000 | £50,000 – £60,000 |
* Not available if taxable non-savings income exceeds the starting rate
Main Personal Allowances and Reliefs | 15/16 | 14/15 |
---|---|---|
Personal (basic) | £10,600 | £10,000 |
Personal reduced if net income exceeds* | £100,000 | £100,000 |
Transferable tax allowance for married couples* | £1,060 | n/a |
Personal (age) if born between 6/4/38 and 5/4/48 | n/a | £10,500 |
Personal (age) if born before 6/4/38 | £10,660 | £10,660 |
Personal (age) reduced if net income exceeds* | £27,700 | £27,000 |
Married couple’s allowance *† – maximum amount | £8,355 | £8,165 |
Married couple’s allowance *† – minmium amount | £3,220 | £3,140 |
Blind person’s allowance | £2,290 | £2,230 |
Rent-a-room tax-free income | £4,250 | £4,250 |
Venture capital trust (VCT) at 30% | £200,000 | £200,000 |
Enterprise investment scheme (EIS) at 30% | £1,000,000 | £1,000,000 |
EIS eligible for capital gains tax deferral relief | No limit | |
Seed enterprise investment scheme (SEIS) at 50% | £100,000 | £100,000 |
SEIS CGT reinvestment relief | 50% | 50% |
*£1 reduction for every £2 of additional income over the income threshold.
† Relief at 10% if at least on of the couple was born before 6/4/35.
Non-domicile Remittance Basis Charge
Non-domicile Remittance Basis Charge after UK residence in at least: | 15/16 | 14/15 |
---|---|---|
7 of the last 9 tax years | £30,000 | £30,000 |
12 of the last 14 tax years | £60,000 | £50,000 |
17 of the last 20 tax years | £90,000 | n/a |