Income Tax

Allowances and reliefs2015/162014/15
Personal (basic)£10,600£10,000
Personal allowance reduced if net income exceeds£100,000£100,000
Transferable tax allowance for married couples/civil partners£1,060N/A
Personal (age) if born between 6/4/38 and 5/4/48N/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 couples/civil partners (minimum) at 10%†£3,220£3,140
Married couples/civil partners (maximum) at 10%*†£8,355£8,165
Child benefit charge1% of benefit for every £100 of income between £50,000 and £60,000
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 (CGT) deferral reliefNo limitNo limit
Seed EIS (SEIS) at 50%
– SEIS CGT reinvestment relief50%50%
Registered pension scheme:
– annual allowance£40,000£40,000
– money purchase annual allowance£10,000N/A
– lifetime allowance£1,250,000£1,250,000
*£1 reduction for every £2 of additional income over the income threshold.
† Where at least one spouse/civil partner was born before 6/4/35.

Starting rate0%10%
on savings income up to*£5,000£2,880
Basic rate of 20% on income up to£31,785£31,865
Higher rate of 40% on income£31,786-
Additional rate of 45% on income over£150,000£150,000
Dividends for:basic rate taxpayers10%10%
higher rate taxpayers32.5%32.5%
additional rate taxpayers37.5%37.5%
Trusts:standard rate band generally£1,000£1,000
dividends (rate applicable to trusts)37.5%37.5%
other income (rate applicable to trusts)45%45%
* Not available if taxable non-savings income exceeds the starting rate band.
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