Current Tax Rates

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 Choose Bird Simpson & Co, Dundee for the latest information on the current tax rates and tax advice.

Tax card

Income Tax
Basic rate of 20% on income up to: UK (excl. Scotland)
Scotland
Higher rate of 40% on income over: UK (excl. Scotland)
Scotland
Additional rate of 45% on income over: all UK
Starting rate of 0% on savings income up to†
Savings allowance at 0% tax
Basic rate taxpayers
Higher rate taxpayers
Additional rate taxpayers
Dividend allowance at 0% tax – all individuals
Tax rate on dividend income:
Basic rate taxpayers
Higher rate taxpayers
Additional rate taxpayers
Trusts:
Standard rate band generally
Rate applicable to trusts - dividends
   - other income
*For non-dividend, non-savings income only: otherwise UK (excl. Scotland) band
applies.
†Not available if taxable non-savings income exceeds the starting rate band.

Child Benefit Charge
1% of benefit per £100 of income between £50,000 and £60,000.

Main Personal Allowances and Reliefs
Personal (basic)
Personal reduced by £1 for every £2 of net income over
Marriage/civil partners’ transferable allowance
Married couples’/civil partners’ allowance at 10%*
(if at least one born before 6/4/35) – maximum
- minimum
Blind person’s allowance
Rent-a-room tax-free income
*Reduced by £1 for every £2 of income over £28,000 (£27,700 for 16/17), until
minimum reached.

Non-domicile remittance basis charge after UK residence in at least:
7 of the last 9 tax years
12 of the last 14 tax years
17 of the last 20 tax years

Tax incentivised investment
Individual Savings Account (ISA)
Junior ISA and Child Trust Fund
Lifetime ISA
Help to Buy ISA
Venture Capital Trust (VCT) at 30%
Enterprise Investment Scheme (EIS) at 30%
EIS eligible for CGT reinvestment deferral relief
Seed enterprise investment scheme (SEIS) at 50%
SEIS CGT reinvestment relief

Corporation tax
Year to 31/3/18
Year to 31/3/17
Corporation tax at 32.5% on outstanding loans to participators
17/18
£33,500

£31,500*
£33,500

£31,500*
£150,000

£5,000


£1,000
£500
£0
£5,000


7.5%
32.5%
38.1%

£1,000
38.1%
45%











£11,500
£100,000


£1,150



£8,445
£3,260
£2,320
£7,500






£30,000
£60,000
NA


£20,000
£4,128
£4,000
£1,000 initial and £200 per month
£200,000

£1,000,000

No limit

£100,000
50%

Profits
19%
20%
16/17
£32,000

£32,000
£32,000

£32,000
£150,000

£5,000


£1,000
£500
£0
£5,000


7.5%
32.5%
38.1%

£1,000
38.1%
45%











£11,000
£100,000


£1,100



£8,355
£3,220
£2,290
£7,500






£30,000
£60,000
£90,000


£15,240
£4,080
N/A

£200,000

£1,000,000

No limit

£100,000
50%

Diverted Profits
25%
25%
Car benefits
Taxable amount based on car’s list price when new
Charge varies according to CO2 emissions in grams per kilometre
CO2 g/km
0–50
51–75
76–94
95–99
100–4
105–9
110–4
115–9
120–4
125–9
130–4
135–9
140–4
145–9
150–4
155–9
160–4
165–9
170–4
175–9
180–4
185–9
190 & over

Fuel benefit – taxable amount for private use
Multiply the CO2% charge used for the car benefit by

Vans – for private use
Zero emission: chargeable amount
Other vans: chargeable amount
Fuel: chargeable amount

Business tax-free mileage allowance – own vehicle
Cars first 10,000 miles
Qualifying passenger
Motorcycles





Petrol (%)
9
13
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

17/18

£22,600



£646
£3,230
£610

Mile details

45p per mile
5p per mile
24p per mile





Diesel (%)
12
16
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
37
37
37

16/17

£22,200



£634
£3,170
£598

Mile details

thereafter 25p per mile
Bicycles 20p per mile
National insurance contributions
Class 1

NICs rate
No NICs on the first:
Under 21/25 for apprentices
21/25 & over
NICs rate charged up to
2% NICs on earnings over
Certain married women
Employment allowance
Per business. Not available if a director is the sole employee
Class 1A Employer
Self-Employed
Class 2  Flat rate
Small profits threshold
Class 4 On profits:

Class 3 Flat rate

State pensions
Single tier*
Basic – single person†
Basic – spouse/civil partner†
*State pension age reached after 5/4/2016 †State pension age reached before 6/4/2016

Registered pensions
Lifetime allowance
Annual allowance*
Money purchase annual allowance
Annual allowance charge on excess
Max. pension commencement lump sum:
Lifetime allowance charge if excess drawn:
* Subject to 50% taper down to £10,000 if threshold income over £110,000 and
adjusted income over £150,000.

17/18
Employee  Employer 
12%              13.8%

£157 pw       £866 pw
£157 pw       £157 pw
£866 pw       No limit
£866 pw               N/A
5.85%            13.8%
£3,000

N/A      13.8%


£2.85pw  £148.20 pa
£6,025 pa
£8,164–£45,000 pa: 9%Over £45,000 pa: 2%
£14.25 pw, £741.00 pa

Weekly           Annual 
£159.55       £8,296.60
£122.30       £6,359.60
£73.30         £3,811.60




17/18
£1,000,000
£40,000
£4,000
20%–45%
25% of pension benefit value
as cash 55%   as income 25%


16/17
Employee Employer 
12%             13.8%

£155 pw      £827 pw
£155 pw      £156 pw
£827 pw      No limit
£827 pw      N/A
5.85%          13.8%
           £3,000
N/A              13.8%



£2.80 pw      £145.60 pa
         £5,965 pa
£8,060–£43,000 pa: 9%
Over £43,000 pa: 2%
£14.10 pw, £733.20 pa

Weekly           Annual 
£155.65        £8,093.80
£119.30        £6,203.60
£71.50          £3,718.00




16/17
£1,000,000
£40,000
£10,000
20%–45%
25% of pension benefit value
as cash 55%     as income 25%
Property transaction taxes
Residential property value (on slices of value)
UK (excl. Scotland)                          %
Stamp Duty Land Tax (SDLT)
Up to £125,000                                  0
£125,001–£250,000                          2
£250,001–£925,000                          5
£925,001–£1,500,000                      10
Over £1,500,000                               12


Scotland: Land & Buildings                     %
Transaction Tax (LBTT)
Up to £145,000                                             0
£145,001–£250,000                                      2
£250,001–£325,000                                      5
£325,001–£750,000                                     10
Over £750,000                                              12
Second properties over £40,000 – add 3% to SDLT/LBTT
UK properties bought by companies etc over £500,000 – 15% on total
Commercial property value (on slices of value)
UK (excl. Scotland)                          %
Stamp Duty Land Tax (SDLT)
Up to £150,000                                  0
£150,001–£250,000                          2
Over £250,000                                   5

Scotland: Land & Buildings                     %
Transaction Tax (LBTT)
Up to £150,000                                             0
£150,001–£350,000                                     3
Over £350,000                                            4.5
Stamp Duty & SDRT: Stocks and marketable securities                                                                                                     0.5%
No charge to stamp duty unless the duty exceeds £5
Inheritance tax
Nil-rate band*
Residence nil-rate band*
Rate of tax on excess
Rate if at least 10% of net estate left to charity
Lifetime transfers to and from certain trusts
Overseas domiciled spouse/civil partner exemption
17/18
£325,000
£100,000†
40%
36%

20%

£325,000
16/17
£325,000
N/A
40%
36%

20%

£325,000
100% relief: businesses, unlisted/AIM companies, certain farmland/buildings.
50% relief: certain other business assets e.g. farmland let pre 1/9/95.
* Up to 100% of the unused portion of a deceased spouse’s/civil partner’s nil-rate
band can be claimed on the survivor’s death.
†Subject to 50% taper relief for estates above £2,000,000.
Capital gains tax
Individuals Up to basic limit (UK excl. Scotland)
Above basic limit (UK excl. Scotland)
Trusts and Estates
Surcharge
for residential property and carried interest
Exemptions Individuals, estates, etc
Trusts generally
Chattels (gain restricted to 5⁄3rds of proceeds over limit)
Entrepreneurs’ relief 10% on lifetime limit of 
For trading businesses and companies (minimum 5% employee/officer
shareholding) held for at least one year.
17/18
10%

20%
20%

8%
£11,300
£5,650

£6,000

£10,000,000
16/17
10%

20%
20%

8%
£11,100
£5,550

£6,000

£10,000,000
Main capital and other allowances
Plant & machinery 100% annual investment allowance (1st year)
Enterprise zone plant & machinery (max €125m per investment project)
Plant & machinery (annual reducing balance)
Patent rights & know-how (annual reducing balance)
Certain long-life assets and integral features of buildings
(annual reducing balance)
Energy and water-efficient equipment
Electric vans

£200,000

100%
18%
25%

8%
100%
100%
Motor cars
CO2 emissions of g/km:
Capital allowance
* For new cars only. † reducing balance.

75 or less*
100% first year

76–130
18% pa†

131 or more
8% pa†
Value Added Tax 
Standard rate                                         20%
Registration level from 1/4/17
Deregistration level from 1/4/17
Flat rate scheme turnover limit
Cash and annual accounting schemes turnover limits

Main due dates for tax payment
Income Tax, NIC and Capital Gains Tax –
Self-assessment
31st January in tax year
Following 31st July
Following 31st January

Inheritance tax on death:
Lifetime transfer 6 April–30 September:
Lifetime transfer 1 October–5 April:
Corporation tax Self-assessment:

Reduced rate eg on domestic fuel                           5%
£85,000
£83,000
£150,000
£1,350,000




Normally 50% of previous year’s income tax (less tax deducted at source) and class 4 NIC
Balance of income tax and class 4 NIC, and all CGT
and class 2 NIC
normally 6 months after month of death
30 April in following year
6 months after month of transfer
9 months and 1 day after end of
accounting period
  • Payable by instalments where profits are £1.5m or over. Normally payable in 7th, 10th, 13th and 16th months after start of accounting period
  • Growing companies: no instalments where profits are £10m or less and the company was not a large company for the previous year
Subject to Finance Act 2017. For information only. Always seek professional advice before acting.
Call Bird Simpson & Co in Dundee on
01382 227 841 for current tax rates.
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