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2020/21 |
2019/20 |
INCOME TAX (non dividend income) |
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|
Basic personal allowance (under 65) |
£12,500 |
£12,500 |
restricted for higher rate tax payers |
|
|
20% Basic rate income tax |
£12,501 to £50,000 |
£12,501 to £50,000 |
40% Higher rate income tax |
£50,001 - £150,000 |
£50,001 - £150,000Additional rate tax above £150,000 |
45% |
45% |
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|
|
INCOME TAX (dividend income) |
|
|
First £2,000 tax free |
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|
7.5% Lower rate |
£12,501 to £50,000 |
£12,501 to £50,000 |
32.5% Higher rate |
£50,001 - £150,000 |
£46,351 - £150,000 |
38.1% Additional rate |
Above £150,000 |
Above £150,000 |
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|
ANNUAL PERSONAL ALLOWANCES |
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|
Married couple's allowance |
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|
- 75 and over |
£9,075 |
£8,915 |
- Minimum amount |
£3,510 |
£3,450 |
Income limit for personal allowances |
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|
- Under 65 |
£100,000 |
£100,000Blind person's allowance |
£2,500 |
£2,450 |
Personal savings allowance |
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|
- Basic rate taxpayers |
£1,000 |
£1,000 |
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|
|
NATIONAL INSURANCE |
|
|
Lower earnings limit (per week) |
£120 |
£118 |
Primary threshold (per week) |
£183 |
£166 |
Secondary threshold (per week) |
£169 |
£166 |
Upper earnings limit |
£962 |
£962 |
Employees Class 1 rate |
|
|
-between lower & upper limits |
12% |
12% |
-above upper limit |
2% |
2% |
Employers Class 1 rate |
13.8% |
13.8% |
Class 2 rate (per week) |
£3.05 |
£3.00 |
Employees Class 4 rate |
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|
- between lower & upper limits |
9% |
9% |
- above upper limit |
2% |
2% |
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|
|
CAPITAL GAINS TAX |
|
|
Rate |
|
|
- Basic rate tax payer |
10% |
10% |
- Higher rate tax payer |
20% |
20% |
Annual exemption |
£12,300 |
£12,000 |
Entrepreneurs relief lifetime limit |
£1,000,000 |
£10,000,000 |
Entrepreneurs rate |
10% |
10% |
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|
|
INHERITANCE TAX |
|
|
Single persons nil rate band |
£1 - £325,000 |
£1 - £325,000 |
Married couples nil rate band |
£650,000 |
£650,000 |
Tax rate |
40% |
40% |
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|
|
CORPORATION TAX |
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|
All profits and gains |
19% |
19% |
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|
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VAT |
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|
Registration threshold |
£85,000 |
£83,000 |
Deregistration threshold |
£83,000 |
£81,000 |
Flat rate scheme threshold |
£150,000 |
£150,000 |
Cash accounting scheme |
£1,350,000 |
£1,350,000 |
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|
|
STAMP DUTY LAND TAX (SDLT) |
Rate incremental |
|
Residential |
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|
- Nil rate |
£0 - £125,000 |
£0 - £125,000 |
- 2% rate |
£125,001-£250,000 |
£125,001-£250,000 |
- 5% rate |
£250,001-£925,000 |
£250,000-£925,000 |
- 10% rate |
£925,001 - £1.5M |
£925,001 - £1.5M |
- 12% rate |
Over £1.5M |
Over £1.5M |
There is a 3% surcharge on |
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|
the purchases of additional residential |
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|
properties. Reduced rates are available |
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|
for first time buyers. |
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|
Non-residential |
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|
- Nil rate |
£0 - £150,000 |
£0 - £150,000- 2% rate |
£150,001-£250,000 |
£150,001-£250,000- 5% rate |
Over £500,000 |
Over £500,000 |
STAMP DUTY |
|
|
On shares |
0.5% |
0.5% |
(and marketable securities)
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