Financial year to | 31 March 2020 | 31 March 2019 |
---|---|---|
Tax Rate | 19% | 19% |
2019/20 (£) | 2018/19 (£) | |
---|---|---|
Plant and machinery | ||
– annual investment allowance | *£1m | *£200,000 |
– main rate pool | *18% | *18% |
– long life assets | *6% | *8% |
– Integral features | *8% | *8% |
Cars – CO2 emissions up to 50g/km | 100% | 100% |
Cars – CO2 emissions 76 – 130g/km | *18% | *18% |
Cars – CO2 emissions over 130g/km | *6% | *8% |
Energy saving & environmentally beneficial assets | 100% | 100% |
Standard rate | 20% |
VAT fraction (where included cost) | 1/6 |
Registration threshold | £85,000 |
Optional flat-rate scheme for small businesses is available. |
Rates for reduction | 2019/20 | 2018/19 |
---|---|---|
SME rate | 230% | 230% |
Large company (above line credit) | 12% | 11% |
Rates for surrender of losses | 2019/20 | 2018/19 |
SME rate | 14.5% | 14.5% |
Large company (taxable) | 12% | 11% |
2019/20 | 2018/19 | |
---|---|---|
Effective tax rates on patent box profits | 10% | 10% |
2019/20 | 2018/19 | |
---|---|---|
Overall limits | 20,000 | 20,000 |
Junior ISA limits | 4,368 | 4,260 |
Lifetime ISA limits | 4,000 | 4,000 |
Total consideration £ | Residential Rates* | Non Residential Rates |
---|---|---|
1 – 125,000 | NIL | NIL |
125,001 – 150,000 | 2% | NIL |
150,001 – 250,000 | 2% | 2% |
250,001 – 925,000 | 5% | 5% |
925,001 – 1,500,000 | 10% | 5% |
over 1,500,000 | 12% | 5% |
over 500,000 | **15% | N/A |
First-time buyers do not pay Stamp Duty on the first £300,000 of property purchases. |
Total consideration £ | Residential Additional Rates* | Residential Rates | Non Residential Rates |
---|---|---|---|
1 – 145,000 | 3% | NIL | NIL |
145,001 – 150,000 | 5% | 2% | NIL |
150,001 – 250,000 | 5% | 2% | 1% |
250,001 – 325,000 | 8% | 5% | 5% |
325,001 – 350,000 | 13% | 10% | 5% |
350,001 – 750,000 | 13% | 10% | 5% |
over 750,000 | 15% | 12% | 5% |
* Additional rates of +4% apply to second and subsequent properties costing over £40,000.
Total consideration – £ | Residential Rates | Residential Additional Rates* | Non Residential Rates | |||||
---|---|---|---|---|---|---|---|---|
1-150,000 | 0% | 3% | 0% | |||||
150,001 – 180,000 | 0% | 3% | 1% | |||||
180,001 – 250,000 | 3.5% | 6.5% | 1% | |||||
250,001 – 400,000 | 5% | 8% | 5% | |||||
400,001 -750,000 | 7.5% | 10.5% | 5% | |||||
750,001 – 1,000,000 | 10% | 13% | 5% | |||||
1,000,000 – 1,500,000 | 10% | 13% | 6% | |||||
Over 1,5000,000 | 12% | 15% | 6% |
* Additional rates apply to second and subsequent properties costing over £40,000
Rate % | Taxable income 2019/20 (£) | Taxable income 2018/19 (£) |
---|---|---|
0* | Up to 5,000 | Up to 5,000 |
20** | †Up to 37,500 | †Up to 34,500 |
40*** | †37,501 – 150,000 | †34,501 – 150,000 |
45**** | Over 150,000 | Over 150,000 |
Band | Taxable income | Scottish tax rate |
---|---|---|
Personal Allowance | Up to £11,850 | 0% |
Starter rate | £11,850 to £13,850 | 19% |
Basic rate | £13,851 to £24,000 | 20% |
Intermediate rate | £24,001 to £43,430 | 21% |
Higher rate | £43,431 to £150,000 | 41% |
Top rate | over £150,000 | 46% |
Allowance | 2019/20 £ | 2018/19 £ |
---|---|---|
Personal allowance* | ||
Individuals | 12,500 | 11,850 |
Marriage allowance | 1,250 | 1,190 |
Marriage couples allowance** | ||
Allowance | 8,915 | 8,695 |
Minimum amount | 3,450 | 3,360 |
Blind person’s allowance | 2,450 | 2,390 |
Dividend allowance | 2,000 | 2,000 |
Personal savings allowance basic rate payer | 1,000 | 1,000 |
Personal savings allowance higher rate payer | 500 | 500 |
Small profits/rental income disregard up to | 1,000 | 1,000 |
‘Rent-a-room’ | 7,500 | 7,500 |
Transfers on or after 6 April 2018 (husband and wife treated separately)
Band £ | Lifetime rate £ | Death rate £ |
---|---|---|
0 – 325,000* | NIL | NIL |
Over 325,000 | 20% | **40% |
£ | ||
---|---|---|
Annual exemption | 3,000 | |
Small gifts exemption | 250 | |
Wedding gifts exemption | ||
Gifts made by | ||
– parent | 5,000 | |
– more remote ancestor | 2,500 | |
– bride/groom | 2,500 | |
– other person | 1,000 |
Rates for transfers on death also apply to gifts within seven years of death subject to tapering relief.
Years between gift and death | Reduction in charge |
---|---|
0 – 3 | NIL |
3 – 4 | 20% |
4 – 5 | 40% |
5 – 6 | 60% |
6 – 7 | 80% |
Employees’ class 1 contributions on 2019/20
Total weekly earnings £ | Rate | |
---|---|---|
Below 166* | NIL | |
166 – 962 | 12% | |
Over 962 | 2% | |
Married women’s reduced rate | 5.85% on earnings between £166 and £962 per week plus 2% on earnings above £962 per week | |
Employers’ class 1 contributions for 2019/20 | ||
Total weekly earnings £ | Rate | |
Below 166 | NIL | |
Above 166** | 13.8% | |
Annual employment allowance for qualifying employers £3,000 | ||
Class 2 – self employed | Flat rate £3 per week if earning exceed £6,365 per annum | |
Class 3 – voluntary | Flat rate £15 per week | |
Class 4 – self employed | 9% of profits between £8,632 and £50,000 per annum plus 2% on the excess |
Cars | ||
---|---|---|
Minimum | 16% of list price (emissions above 50g/km CO2 (lower rates where emissions below this level) | |
Increments | 1% for each additional 5g/km CO2 emissions over 95g/km CO2 | |
Diesel cars | 4% surcharge | |
Electric cars | 13% of list price | |
Maximum | 37% | |
Emissions levels for most cars can be found on www.vca.gov.uk CO2 level rounded down to nearest 5g. |
Fuel |
---|
Private fuel provided with company car – percentages as above for cars x £24,100 |
Approved mileage rates for business mileage in own car |
Cars and vans | Per Mile |
---|---|
0 – 10,000 miles | 45p |
Over 10,000 miles | 25p |
Advisory mileage rates for business mileage in company car From 1 June 2018 (reviewed quarterly) |
Petrol/LPG | Diesel | |||
---|---|---|---|---|
Petrol | LPG | |||
1400cc or less | 11p | 7p | 1600cc or less | 10p |
1401 – 2000cc | 14p | 9p | 1601cc – 2000cc | 11p |
2001cc or more | 22p | 14p | 2001cc or more | 13p |
Petrol hybrid cars are treated as petrol cars for purpose. |
2019/20 £ | 2018/19 £ | |
---|---|---|
Tax rates Individuals – basic rate | 10%/18%* | 10%/18%* |
Individuals – higher/additional rate | 20%/28%* | 20%/28%* |
Trusts and personal representatives | 20%/28%* | 20%/28%* |
Companies | see CT rates | see CT rates |
Annual exemptions | ||
Individuals | £12,000 | £11,700 |
Trusts (maximum) | £6,000 | £5,850 |
Chattels proceeds exemption | £6,000 | £6,000 |
Capital gains tax entrepreneurs’ relief: | ||
Lifetime limit | £10,000,000 | £10,000,000 |
Rate | 10% | 10% |
*There is an 8% additional tax charge on the capital gains of a residential property. |
2019/20 | Weekly £ | Annual £ |
---|---|---|
Benefit receivable for eldest/Only child | 20.70 | 1,076.40 |
Benefit receivable for other children | 13.70 | 712.40 |