Tax Table

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

Income Tax and Allowances
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.

 

Income Tax and Allowances

Main personal allowances and reliefs

21/22

20/21

Personal allowance*

£12,570

£12,500

Marriage/civil partner’s transferable allowance

£1,260

£1,250

Married couple’s/civil partner’s allowance at 10%†

(if at least one born before 6/4/35) – maximum

– minimum

 

£9,125

£3,530

 

£9,075

£3,530

Blind person’s allowance £2,520 £2,500
Rent-a-room relief £7,500 £7,500
Property allowance and trading allowance (each) £1,000 £1,000
*Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000 †Married couple’s/civil partner’s allowance reduced by £1 for every £2 of adjusted net income over £30,400 (£30,200 for 20/21), until minimum reached

UK taxpayers excluding Scottish taxpayers’
non-dividend, non-savings income

21/22

20/21

20% basic rate on first slice of taxable income up to £37,700 £37,500
40% higher rate on next slice of taxable income over £37,700 £37,500
45% additional rate on taxable income over £150,000 £150,000

Scottish taxpayers – non-dividend, non-savings income

 

 

19% starter rate on taxable income up to £2,097 £2,085
20% basic rate on next slice up to £12,726 £12,658
21% intermediate rate on next slice up to £31,092 £30,930
41% higher rate on next slice up to £150,000 £150,000
46% top rate on income over £150,000 £150,000

All UK taxpayers

 

 

Starting rate at 0% on band of savings income up to** £5,000 £5,000
Personal savings allowance at 0%: Basic rate
Higher rate
Additional rate
£1,000
£500
£0
£1,000
£500
£0
Dividend allowance at 0%: All individuals £2,000 £2,000
Tax rates on dividend income: Basic rate
Higher rate
Additional rate
7.5%
32.5%
38.1%
7.5%
32.5%
38.1%
Trusts: Standard rate band generally £1,000 £1,000
Rate applicable to trusts: Dividends
Other income
38.1%
45%
38.1%
45%
**Not available if taxable non-savings income exceeds the starting rate band

High Income Child Benefit Charge, 1% of benefit per £100 of adjusted net income between £50,000 – £60,000

TOP OF PAGE

 

 

Capital Gains Tax

Tax Rates – Individuals

21/22

20/21

Below UK higher rate income tax band

10%

10%

Within UK higher and additional rate income tax bands

20%

20%

Tax Rate – Trusts and Estates

20%

20%

Surcharge for residential property and carried interest

8%

8%

Exemptions    
Annual exempt amount: Individuals, estates, etc
Trusts generally
£12,300
£6,150
£12,300
£6,150
Chattels gain limited to 5 ⁄ 3rds of proceeds exceeding £6,000 £6,000
Business Asset Disposal Relief
10% on lifetime limit of £1,000,000
For trading businesses and companies (minimum 5% participation) held for at least 2 years


TOP OF PAGE



Inheritance Tax


21/22

20/21

Nil-rate band*

£325,000 £325,000
Residence nil-rate band*† £175,000 £175,000
Rate of tax on excess 40% 40%
Rate if at least 10% of net estate left to charity 36% 36%
Lifetime transfers to and from certain trusts 20% 20%
Overseas domiciled spouse/civil partner exemption £325,000 £325,000
100% relief: businesses, unlisted/AIM companies, certain farmland/ buildings
50% relief: certain other business assets e.g. farmland let before 1/9/95
Annual exempt gifts of: £3,000 per donor / £250 per donee
Tapered tax charge on lifetime gifts within 7 years of death
0-3 3-4 4-5 5-6 6-7
Years between gift and death  
100 80 60 40 20
% of death tax charge
*Up to 100% of the unused proportion of a deceased spouse’s/civil partner’s nil-rate band and/or residence nil-rate band can be claimed on the survivor’s death
†Estates over £2,000,000: the value of the residence nil-rate band is reduced by 50% of the excess over £2,000,000



TOP OF PAGE

 

Corporation Tax

 

21/22

20/21

Corporation Tax rate

19%

19%



TOP OF PAGE

 

CLOSE WINDOW