Income tax allowances
Personal allowance 11,850
Income limit for personal allowance 100,000
Marriage allowance 1,185
Married couple’s allowance 8,695
Trading allowance 1,000
Property income allowance 1,000
Dividend allowance 2,000
Personal savings allowances for: Basic rate taxpayers 1,000
Higher rate taxpayers 500
Income tax bands
Basic rate 0 – 34,500
Higher rate 34,501 – 150,000
Additional rate 150,000 +
Income tax rates
Basic rate 20%
Higher rate 40%
Additional rate 45%
Dividend ordinary rate 7.5%
Dividend upper rate 32.5%
Dividend additional rate 38.1%
National insurance
Class 1 primary (weekly)
0 – 162 Nil / 162 – 892 12% / 892 + 2%
Class 1 secondary (weekly)
0 – 162 Nil / 162 + 13.8%
Class 2 (annually)
0 – 6,205 Nil / 6,205 + £2.95 week
Class 4 (annually)
0 – 8,424 Nil / 8,424 – 46,350 9% / 46,350 + 2%
Capital gains tax
Annual exempt amount 11,700
General trust exempt amount 5,850
Rates
Standard rate 10%
Higher rate 20%
Trustees’ rate 20%
Gains on residential property and carried interest 18% / 28%
Gains eligible for entrepreneurs’ relief 10%
Inheritance tax
Nil rate band 325,000
Residence nil rate band 125,000
Tax rate on excess 40%
Tax rate for chargeable lifetime transfers 20%
Corporation tax
FY 2018 19%
Mileage allowances
Cars and vans
First 10,000 miles 45p / mile
Over 10,000 miles 25p / mile
Motorcycles 24p / mile
Bikes 20p / mile
Car benefit
0 – 50g/km CO2 13%
51 – 75g/km CO2 16%
76 – 94g/km CO2 19%
Then add 1% for every additional 5g/km (rounded down to nearest 5g/km)
Diesel supplement 4%
Maximum benefit rate 37%
Pension contributions
Annual allowance 40,000
Limit beyond which tapering applies 150,000
Minimum allowance following taper restriction 10,000
Lifetime allowance 1,030,000
Capital allowances
Annual investment allowance
Rate 100%
Maximum investment 200,000
Energy-efficient assets rate 100%
Writing down allowances
General pool 18%
Special rate pool 8%
Long life assets pool 8%
VAT
Compulsory registration threshold 85,000
Deregistration threshold 83,000
Flat rate scheme turnover limit 150,000
Annual accounting scheme turnover limit 1,350,000
Cash accounting scheme turnover limit 1,350,000