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INCOME TAX RATES

 

Tax Rates

2017/18

2016/17

Limits

Tax Rate

Limits

Tax Rate

Starting Rate*

<     £ 5,000

10%

<     £ 5,000

10%

Basic Rate

<   £ 33,500

20%

<   £ 32,000

20%

Higher Rate

< £ 150,000

40%

< £ 150,000

40%

Additional Rate

> £ 150,000

45%

> £ 150,000

50%

Dividend Rate  

 

- 2017/18 - 10% Basic Rate: 32.5% Higher Rate : 37.5% Additional Rate

- 2016/17 - 10% Basic Rate: 32.5% Higher Rate : 37.5% Additional Rate

Allowances

2017/18

2016/17

Personal

Married

Personal

Married

Basic Allowance **

£ 11,500

£ 11,000

Age 75 and over

£ 11,500

£ 8,445

£ 11,000

£ 8,355

Transferrable Allowance ***

£ 1,150

£ 1,100

Personal Allowance Income Limit

£ 100,000

 

£ 100,000

 

Age Allowance Income Limit

£ 28,000

 

£ 27,700

 

*     Starting rate applies only to savings income

**   Personal Allowance reduced by £1 for every £2 of income over £100,000 [2016/17 - £100,000]

*** Transferrable allowance between married / civil partners

Read more about Income Tax here

 

 

 

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Income Tax

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