Income Tax

Rates 2015/16 2014/15
Starting rate 0% 10%
on savings income up to* £5,000 £2,880
Basic rate of 20% on income up to £31,785 £31,865
Maximum tax at basic rate £6,357 £6,373
Higher rate of 40% on income £31,786-
£150,000
£31,866-
£150,000
Tax on first £150,000 £53,643 £53,627
Additional rate of 45% on income over £150,000 £150,000
Dividends for: basic rate taxpayers 10% 10%
higher rate taxpayers 32.5% 32.5%
additional rate taxpayers 37.5% 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.
Child benefit charge
1% of benefit for each £100 of annual income between £50,000 and £60,000.
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ICAEW The Chartered Institute of Taxation ACCA IPG IR