Tax Table

The following tables are for guidance only. These are subject to change and we are not responsible for their accuracy.

Tax thresholds, rates and codes
Capital Gains Tax
Inheritance Tax
Corporation Tax

Tax thresholds, rates and codes The amount of Income Tax you deduct from your employees depends on their tax code and how much of their taxable income is above their Personal Allowance. There are different rates for Scotland.

Tax thresholds, rates and codes

Rates [1] 2017/18 2018/19 2019/20
Basic rate of 20% on income up to... £33,500 £34,500 £37,500
Higher rate of 40% on income... £33,501 to £150,000 £34,501 to £150,000 £37,500 to £150,000
Additional rate of 45% on income £150,000 £150,000 £150,000
Starting rate of 0% for savings up to  £5,000  £5,000  £5,000 
Dividends: basic rate taxpayers  7.5%  7.5%  7.5% 
Higher rate taxpayers  32.5%  32.5%  32.5% 
Additional rate taxpayers  38.1%  38.1%  38.1% 
Trust rate  45%  45%  45% 
Trust rate on first £1,000 [2] 20% (7.5%) 20% (7.5%) 20% (7.5%)
Trust rate on dividends  38.1% 38.1% 38.1%

Notes:
[1] Different rates and thresholds apply to the earned income of Scottish taxpayers
[2] Rate on this band depends on the type of income: 7.5% on dividend income, 20% on all other income

Find out more information at: gov.uk/government/publications

Scottish rates and bands for 2019-20

Scottish Bands Band Name Rates 2019/20
Over £12,500-£14,549 Starter Rate 19%
Over £14,549-£24,944 Scottish Basic Rate 20%
Over £24,944-£43,430 Intermediate Rate 21%
Over £43,430-£150,000 Higher Rate 41%
Above £150,000 Top Rate 46%

 

Personal allowances 2017/18 2018/19 2019/20
Personal allowance £11,500 £11,850 £12,500
Income limit for personal allowance [1] £100,000 £100,000 £100,000
Married couple's/civil partnership allowance [1, 2]
   
- Maximum amount £8,445 £8,695 £8,915
- Minimum amount  £3,260 £3,360 £3,450
Income limit for married couples/civil partnership allowance  £28,000 £28,900 £29,600
Marriage allowance [3] £1,150  £1,190  £1,250 
Blind person's allowance  £2,320 £2,390 £2,450
Trading allowance £1,000 £1,000 £1,000
Property allowance £1,000 £1,000 £1,000

 

Savings and investments 2017/18 2018/19 2019/20 
Dividend allowance £5,000 £2,000  £2,000 
Personal savings allowance
- basic rate taxpayers £1,000 £1,000 £1,000
- higher rate taxpayers £500 £500 £500
- additional rate taxpayers £nil £nil £nil

Notes:
[1] £1 reduction for every £2 of additional income over the income threshold.
[2] Relief at 10% if at least one of the couple was born before 06/04/35.
[3] The allowance is transferable between spouses or civil partners who were both born after 5 April 1935. It can only be transferred where neither the transferor nor the transferee is liable to income tax above the basic rate.

Find more information at: gov.uk/topic/personal-tax/income-tax


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Rates for Capital Gains Tax

Tax rates - individuals 2017/18 2018/19 2019/20
Standard rate  10%  10%  10% 
Higher rate  20%  20%  20% 
Standard rate for gains on residential property and carried interest 18%  18%  18% 
Higher rate for gains on residential property and carried interest 28%  28%  28% 
Trust rate  20%  20%  20% 
Trust rate for gains on residential property  28%  28%  28% 


Exemptions 2017/18 2018/19 2019/20
Individuals, PRs and some trustees £11,300 £11,700 £12,000
Most trustees  £5,650 £5,850 £6,000
Chattels exemptions: proceeds up to 1 £6,000 £6,000 £6,000


Note:
[1] For consideration over £6,000 the chargeable gain is limited to five-thirds of excess over £6,000

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Inheritance Tax

Rates 2017/18 2018/19 2019/20 2020/21
IHT nil rate £325,000 £325,000 £325,000 £325,000
Residence nil rate band (RNRB) [1] £100,000 £125,000 £150,000 £175,000
Lifetime rate 20%  20%  20%  20% 
Death rate 40%  40%  40%  40% 
Lower rate when 10% or more of estate is left to a charity 36%  36%  36%  36% 

Note: 
[1] The RNRB is tapered by £1 for every £2 that the estate exceeds £2m.

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Corporation Tax

Rates Financial year commencing 1 April 2017 Financial year commencing 1 April 2018 Financial year commencing 1 April 2020
Main rate 19% 19% 17%

Find more information at: gov.uk/topic/business-tax/corporation-tax

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