Income Tax/National Insurance
Personal Allowance	£5,225	up £190
Personal Allowance 65-74	£7,550	up £270
Personal Allowance 75+	£7,690	up £270
Income Limit for Age-related allowance	£20,900	up £800

Married Couples Allowance for
People born before 6/4/35	£6,285	up £220
Married Couples Allowance 75+	£6,365	up £230
Minimum Married Couples Allowance	£2,440	up £90
Blind Person's Allowance	£1,730	up £70

 

Tax Bands
10% (Starting Rate)	£0-2,230
22% (Basic Rate)	£2,231-34,600
40% (Higher Rate)	£34,600+

NOTES: Dividend income is "top-sliced", followed by interest income and then other income. Higher rate taxpayers pay tax on dividends at 32.5%. Interest income is taxed at 10%, 20% and 40% in the respective bands.

 

National Insurance (Class 1 Employed)
Threshold	£100/week
Upper Earnings limit	£670/week
Contracted in contributions rate (£97.01-£645/week)	11%
Contracted in contributions rate (above £645/week)	1%

NOTES: Rebates apply for contracted-out employees and employees in certain pension schemes and other rates apply to married women and the self-employed.

 

Tax Credits
Tax credits must be claimed promptly or lost. Unclaimed personal allowances may be retrieved from the Inland Revenue up to six years later BUT tax credits, like most state benefits, may only be backdated for up to three months. Request a claim form or check your eligibility by calling the Inland Revenue on 0800 500 022.

Child Tax Credit
Parents, married or unmarried, earning up to £50,000 a year may claim CTC of £545/year for a child aged up to 16 (18 if in full-time education), doubled to £1,090/year for families with a child under one. Families with income below £14,155 (up £245) may claim CTC of £1,845/year (up £80) for each child. Above these thresholds, the credit is gradually withdrawn.

Child tax credit is paid based on previous year income. Provided that any increase in your current year income does not breach the 'income disregard' threshold the taxman will not want any tax credits back. The income disregard threshold is held at £25,000.

Child Benefit rises by 65p to £18.10/week for the first or eldest child.

Working Tax Credit
The Working Tax Credit is paid via employers. The basic element rises by £65 to £1,730.

 

Capital Gains Tax Threshold
Individuals	£9,200	up £400
Inheritance Tax Threshold	£300,000	up £15,000

 

Pension Schemes Allowances
Annual Allowance	£225,000	up £10,000
Lifetime Allowance	£1.6m	up £100,000

 

Stamp Duty
	Residential	Non-Residential
Nil	<£125,000	<£150,000
1%	>£125,000	>£150,000