31 March 2015

 

  1. Bands of taxable income
    and corresponding tax rates

 
2014-15
2015-16
 
Per cent of income / £ a year
 
Basic rate
20%
20%
Higher rate
40%
40%
Additional rate
45%
45%
Starting rate for savings income (*)
10%
0%
Dividend ordinary rate
10%
10%
Dividend upper rate
32.5%
32.5%
Dividend additional rate
37.5%
37.5%
Trust rate
45%
45%
Starting rate limit (savings income)
£2,880
£5,000
Basic rate band
£0 – 31,865
£0 – 31,785
Higher rate band
£31,866 – 150,000
£31,786 – 150,000
Additional rate band
Over £150,000
Over £150,000

 

2. Income tax allowances

 
2014-15
2015-16
Change
 
£ a year
 
 
Personal Allowance
 
 
 
Those born after 5 April 1948
10,000
10,600
600
Those born between 6 April 1938 and 5 April 1948
10,500
10,600
100
Those born before 6 April 1938
10,660
10,660
Income limit for personal allowance (*1)
100,000
100,000
Income limit for personal allowances (born before 6 April
1948) (*2)
27,000
27,700
700
Married couple’s allowance (*3)
 
 
 
Maximum amount (*4)
8,165
8,355
190
Minimum amount (*5)
3,140
3,220
80
Blind person’s allowance
2,230
2,290
60
Transferable Tax Allowance for married couples and civil
partners (*6)
1,060

 

3. National Insurance
contribution thresholds

 
2014-15
2015-16
 
£ per week
£ per week
Weekly Lower Earnings Limit (LEL) (*1)
111
112
Weekly Primary Threshold (PT) (*1)
153
155
Weekly Secondary Threshold (ST) (*2)
153
156
Upper Earnings (UEL)
805
815
Upper Profits Limit (UPL)
41,865 per year
42,385 per year
Upper Secondary Threshold for U21’s (*3)
N/A
815
Small Earnings Exception (SEE)/Small Profits Threshold
(SPT) (*1, *4)
5,885
5,965
Lower Profits Limit (LPL) (*1)
7,956 (per year)
8,060 (per year)
Employment Allowance
2,000 (per year, per employer)
2,000 (per year, per employer)

 

4. Class 1 National
Insurance contribution rates 2015-16

Employee (primary)
 
Employer (secondary)
 
Earnings (*1)
NIC rate (*2)
Earnings (*1)
NIC rate (*3 )
£ a week
per cent
£ a week
per cent
Below £112 (LEL)
0
Below £156 (ST)
0
£112 – £155 (PT) (*4)
0
Above £156 (ST)
13.8
£155 – £815 (UEL)
12
 
 
Above £815
2
 
 

 

5. Self-employed National
Insurance contribution rates 2015-16

Annual profits (*1) (£ a year)
Class 2 (*2) (£ a week)
Class 4 (per cent)
Below £5,965 (SPT) (*3)
0.00
0
£5,965 to £8,060 (LPL)
2.80
0
£8,060 to £42,385 (UPL)
2.80
9
Above £42,385
2.80
2

 

6. Other NICs rates

 
2014-15
2015-16
Married Women’s reduced rate (per cent) (*1)
5.85%
5.85%
Special Class 2 rate for share fishermen (*2)
£3.40 per week
£3.45 per week
Special Class 2 rate for volunteer development workers (*2)
£5.55 per week
£5.60 per week
Class 3 rate (*2, *3)
£13.90 per week
£14.10 per week

 

7. Working and Child
Credit Tax rates and thresholds

7.1 Working Tax Credit

 
2014-15
2015-16
Change
 
£ a year
 
 
Basic Element
1,940
1,960
20
Couple and lone parent element
1,990
2,010
20
30 hour element
800
810
10
Disabled worker element
2,935
2,970
35
Severe disability element
1,255
1,275
20
Childcare element
 
 
 
Maximum eligible cost for one child
£175 per week
£175 per week
0
Maximum eligible cost for two or more children
£300 per week
£300 per week
0
Percent of eligible costs covered
70 per cent
70 per cent
0

7.2 Child tax credit

 
2014-15
2015-16
Change
 
£ a year
 
 
Family element
545
545
0
Child element
2,750
2,780
30
Disabled child element
3,100
3,140
40
Severely disabled child element
1,255
1,275
20

7.3 Income thresholds and
withdrawal rates

 
2014-15
2015-16
Change
 
£ a year
 
 
Income threshold
6,420
6,420
0
Withdrawal rate (per cent)
41
41
0
First threshold for those entitled to Child Tax Credit only
16,010
16,105
95
Income rise disregard
5,000
5,000
0
Income fall disregard
2,500
2,500
0

8. Child Benefit and
Guardian’s Allowance

 
2014-15
2015-16
Change
 
£ per week
 
 
Child Benefit
 
 
 
First Child
20.50
20.70
0.20
Second and subsequent children
13.55
13.70
0.15
Guardian’s Allowance
16.35
16.55
0.20

9. Tax-free Savings
Accounts

 
2014-15
2015-16
 
£ a year
 
Individual Savings Account (ISA) subscription limit
15,000 (*1)
15,240
Junior ISA subscription limit
4,000 (*2)
4,080
Child Trust Fund (CTF) subscription limit
4,000 (*2)
4,080

 

10. Fuel benefit charge

 
2014-15
2015-16
Car fuel benefit charge multiplier
£21,700
£22,100
Van fuel benefit charge
£581
£594

11. Van benefit charge

 
2014-15
2015-16
Van benefit charge
£3,090
£3,150