Skip to main content

Rates and Allowances 2018-19

Thursday, May 31, 2018
Rates and Allowances 2018-19

Income Tax Allowances

  2018-19
£
2017-18
£
Personal Allowance 11,850
11,500
Income Limit (for each £1 in earnings over £100,000 you lose 50p of Personal Allowance
100,000
(you don't receive any personal allowance over £123,700)
100,000
(you don't receive any personal allowance over £123,000)
Transferable Marriage Allowance (incl Civil Partners) 1,185 1,150
Dividend Allowance 2,000 5,000
Personal Savings Allowance
Basic rate taxpayers
Higher rate taxpayers
Additional rate taxpayers

1,000
500
0

1,000
500
0
Trading Allowance 1,000 1,000
Property Income Allowance 1,000 1,000

Tax Bands

  2018-19
£
2017-18
£
Basic Rate/Standard Rate/Dividend Ordinary Rate 0-34,500 0-33,500
Higher Rate/Dividend Upper Rate 34,501 – 150,000 33,501-150,000
Transferable Marriage Allowance (incl Civil Partners) 1,185 1,150
Additional Rate/Dividend Additional Rate Over 150,000 Over 150,000

Income Tax Rates

  2018-19
£
2017-18
£
Basic Rate 20% 20%
Higher Rate 40% 40%
Additional Rate 45% 45%
Dividend Ordinary Rate 7.5% 7.5%
Dividend Upper Rate 32.5% 32.5%
Dividend Additional Rate 38.1% 38.1%

 

National Insurance Contributions

Class 1 (Earnings Related) 2018-19

Employees (Weekly Earnings)
First £162 Nil
£162.01 - £892 12%
Over £892 2%
Employers (Weekly Earnings)
First £162 Nil
Over £162 13.8%

Class 1 (Earnings Related) 2017-18

Employees (Weekly Earnings)
First £157 Nil
£157.01 - £866 12%
Over £866 2%
Employers (Weekly Earnings)
First £157 Nil
Over £157 13.8%
  2018-19
£
2017-18
£
Employment Allowance £3,000
£3,000
Class 1A & Class 1B 13.8%
13.8%
Class 2 (Self Employed) £2.95 per week £2.85 per week
Small profits threshold £6,025 £5,965
Class 3 (Voluntary) £14.65 per week £14.25 per week
Class 4 (Self Employed)

Lower Limit Allowance £8,424 £8,164
Upper Limit Allowance £46,350 £45,000
Below Lower Limit Rate Nil Nil
Between Lower & Upper Limit Rate 9% 9%
Over Upper Limit 2% 2%

Inheritance Tax

  2018-19
£
2017-18
£
Nil-rate band £325,000 £325,000
Residence nil-rate band £125,000 £100,000
Rate of tax on excess 40% 40%
Chargeable lifetime transfers are initially charged at 20%
Annual gifts of up to £3,000 per donor are exempt.

Capital Gains Tax

  2018-19
£
2017-18
£
Annual Exempt Amount £11,700 £11,300
Standard Rate (Individuals) 10% 10%
Higher Rate (Individuals) 20% 20%
Standard Rate (Residential Property) 18% 18%
Higher Rate (Residential Property) 28% 28%

Corporation Tax

  2018-19
£
2017-18
£
Rate 19% 19%

Individual Savings Accounts

  2018-19
£
2017-18
£
Overall Annual Limit 20,000 20,000
Junior ISA Annual Limit 4,260 4,128
Lifetime ISA Annual Limit 4,000 4,000
Help to Buy ISA Deposit Limit 12,000 12,000
Help to Buy ISA Monthly Limit 200 200

Tax-Free Mileage Allowance

Employee’s own car/van 2018-19
£
2017-18
£
Up to 10,000 business miles 45p 45p
Over 10,000 business miles 25p 25p
Each passenger making the same trip 5p 5p
Motorcycles 24p 24p
Cycles 20p 20p

Pension Contributions

  2018-19
£
2017-18
£
Annual Allowance £40,000 £40,000
Lifetime Allowance £1,030,000 £1,000,000

Value Added Tax

  2018-19
£
2017-18
£
Standard Rate 20% 20%
Lower Rate 5% 5%
Registration Threshold £85,000 pa £85,000 pa
Deregistration Limit £83,000 pa £83,000 pa

 

  To Join  To Leave
Annual Accounting Scheme Turnover Limit £1,350,000 pa Over £1.6m pa
Cash Accounting Scheme Turnover Limit £1,350,000 pa Over £1.6m pa
Flat Rate Scheme Turnover Limit £150,000 pa Over £230,000 pa