Income Tax

Starting rate of 0% on savings income up to*£5,000£5,000
Savings allowance at 0% taxBasic rate taxpayers£1,000N/A
Higher rate taxpayers£500N/A
Additional rate taxpayers£0N/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 creditN/A10%
Dividend allowance at 0% tax – all individuals£5,000N/A
Tax rate on dividends based onDividendDividend + tax credits
Basic rate taxpayers7.5%10%
Higher rate taxpayers32.5%32.5%
Additional rate taxpayers38.1%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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