MAIN PERSONAL TAXES
2017/18
2017/18
INCOME TAX RATES
0% Income tax rate on Personal Allowance,
where available
where available
£11,500
£11,000
After Personal Allowance if available:
20% Basic rate Income tax and
7.5% Dividend rate tax on income bands
20% Basic rate Income tax and
7.5% Dividend rate tax on income bands
£0 to £33,500
£0 to £32,000
On the next:
40% Higher rate Income tax and
32.5% Dividend rate tax on income bands
40% Higher rate Income tax and
32.5% Dividend rate tax on income bands
£33,500.01 to £150,000
£32,000.01 to £150,000
On the next:
45% Additional rate Income tax and
38.1% Dividend rate tax on income bands
45% Additional rate Income tax and
38.1% Dividend rate tax on income bands
Over £150,000
Over £150,000
NIC CLASS 1 EMPLOYEE PRIMARY CONTRIBUTIONS
0% NIC on earnings up to
Primary Threshold
Primary Threshold
£0 to £8,164
£0 to £8,060
12% NIC on earnings up to
Upper Earnings Limit
Upper Earnings Limit
£8,164.01 to £45,000
£8,060.01 to £43,000
2% NIC on earnings up to
Upper Earnings Limit
Upper Earnings Limit
Over £45,000
Over £45,000
Example Title
£.00
£29.00
GENERAL INCOME TAX ALLOWANCES AND RELIEF
0% Income tax rate on Personal Allowance,
Personal allowance (Note: Withdrawn at a rate
of £1 of allowance for every £2 of income over £100,000)
Personal allowance (Note: Withdrawn at a rate
of £1 of allowance for every £2 of income over £100,000)
£11,500
£11,000
Dividend allowance
£5,000
£5,000
Savings allowance – Basic rate taxpayer
£1,000
£1,000
Savings allowance – Higher rate taxpayer
£500
£500
Savings allowance – Additional rate taxpayer
Nil
Nil
TAX EFFICIENT INVESTMENTS
ISA’s (Individual Savings Accounts) contribution
£20,000
£15,240
VCTs (Venture Capital Trusts) Income Tax Relief on
Investments to £200,000 + CGT Benefits
Investments to £200,000 + CGT Benefits
30%
30%
EIS (Enterprise Investment Scheme) Income
Tax Relief on Investments to £1,000,000 + CGT Benefits
Tax Relief on Investments to £1,000,000 + CGT Benefits
30%
30%
SEIS (Seed Enterprise Investment Scheme) Income
Tax Relief on Investments to £100,000 + CGT Benefits
Tax Relief on Investments to £100,000 + CGT Benefits
50%
50%
CAPITAL GAINS TAX RATES, ALLOWANCES AND RELIEFS
Basic Rate Taxpayers
10%
10%
Higher and Additional rate taxpayers
20%
20%
Chargeable gains accruing on the disposal of
residential property and other assets for Higher
and Additional rate taxpayers
residential property and other assets for Higher
and Additional rate taxpayers
28%
28%
Entrepreneurs’ relief (Special rules and
£10m lifetime limit)
£10m lifetime limit)
10%
10%
Annual exemption (individuals and personal
representatives)
representatives)
£11,300
£11,100
Principal Private Residence relief rate on Gains
on residential properties that qualify
on residential properties that qualify
100%
100%