Tax rates – Autumn 2017Business 16th November 201720th November 2017Income Tax AllowancePersonal allowance 11,500Income limit for personal allowance 100,000Marriage allowance 1,150Married couple’s allowance 8,445 Trading allowance 1,000Property income allowance 1,000 Dividend allowance 5,000Personal savings allowances for:Basic rate taxpayers 1,000Higher rate taxpayers 500Income tax bandsBasic rate 0 – 33,500Higher rate 33,501 – 150,000Additional rate 150,000 +Income tax ratesBasic rate 20%Higher rate 40%Additional rate 45%Dividend ordinary rate 7.5%Dividend upper rate 32.5%Dividend additional rate 38.1%National insuranceClass 1 primary (weekly)0 – 157 Nil / 157 – 866 12%866 + 2%Class 1 secondary (weekly)0 – 157 Nil / 157 +13.8%Class 2 (annually)0 – 6,025 Nil / 6,025 +£2.85 weekClass 4 (annually)0 – 8,164 Nil / 8,164 – 45,000 9%45,000 + 2%Capital gains taxAnnual exempt amount 11,300General trust exempt amount 5,650RatesStandard rate 10%Higher rate 20%Trustees’ rate 20%Gains on residential property and carried interest 18% / 28%Gains eligible for entrepreneurs’ relief 10%Inheritance taxNil rate band 325,000Residence nil rate band 100,000Tax rate on excess 40%Tax rate for chargeable lifetime transfers 20%Corporation taxFY 2016 20%FY 2017 19%Mileage allowance Cars and vansFirst 10,000 miles 45p / mileOver 10,000 miles 25p / mileMotorcycles 24p / mileBikes 20p / mileCar Benefit0 – 50g/km CO2 9%51 – 75g/km CO2 13%76 – 94g/km CO2 17%95 – 99g/km CO2 18%Then add 1% for every additional 5g/km (rounded down to nearest 5g/km) / Diesel supplement 3%Maximum benefit rate 37%Pension contributionsAnnual allowance 40,000Limit beyond which tapering applies 150,000Minimum allowance following taper restriction 10,000Lifetime allowance 1,000,000Capital allowancesAnnual investment allowanceRate 100%Maximum investment 200,000Energy-efficient assets rate 100%Writing down allowancesGeneral pool 18%Special rate pool 8%Long life assets pool 8%Writing down allowancesCompulsory registration threshold 85,000Deregistration threshold 83,000Flat rate scheme turnover limit 150,000Annual accounting scheme turnover limit 1,350,000Cash accounting scheme turnover limit 1,350,000Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Related