Tax Budget Tax Tables March 2016 Income Tax
Income Tax
Rates |
2016/17 |
2015/16 |
Starting rate of 0% on savings income up to* |
£5,000 |
£5,000 |
Savings allowance at 0% tax |
Basic rate taxpayers |
£1,000 |
N/A |
|
Higher rate taxpayers |
£500 |
N/A |
|
Additional rate taxpayers |
£0 |
N/A |
Basic rate of 20% on income up to |
£32,000 |
£31,785 |
Maximum tax at basic rate |
£6,400 |
£6,357 |
Higher rate of 40% on income up to £150,000 from |
£32,001 |
£31,786 |
Tax on first £150,000 |
£53,600 |
£53,643 |
Additional rate of 45% on income over |
£150,000 |
£150,000 |
Dividend tax credit |
N/A |
10% |
Dividend allowance at 0% tax – all individuals |
£5,000 |
N/A |
Tax rate on dividends based on |
Dividend |
Dividend + tax credits |
|
Basic rate taxpayers |
7.5% |
10% |
|
Higher rate taxpayers |
32.5% |
32.5% |
|
Additional rate taxpayers |
38.1% |
37.5% |
|
|
|
|
Trusts: |
Standard rate band generally |
£1,000 |
£1,000 |
|
Rate applicable to trusts (dividends) |
38.1% |
37.5% |
|
Rate applicable to trusts (other income) |
45% |
45% |
|
|
|
|
* Not available if taxable non-savings income exceeds the starting rate band. |
|
|
|
|
Child benefit charge |
|
|
1% of benefit per £100 of income between £50,000 and £60,000. |
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