Read details of the individual tax rates for the year 2019/20.
Income Tax |
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| Personal allowance | £12,500 | |
| Personal savings allowance | for basic rate taxpayers | £1,000 |
| Personal savings allowance | for higher rate taxpayers | £500 |
| Dividend allowance | for all individuals | £2,000 |
Rates |
(on top of allowances) | |
| Basic rate up to | £37,500 | 20% |
| Higher rate | £37,500 – £150,000 | 40% |
| Additional rate | on inc over £150,000 | 45% |
Corporation Tax |
19% | |
Inheritance Tax |
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| Standard Rate | Up to £325,000 | NIL |
| Over £325,000 | 40% | |
| Residential Property Nil Rate Band | £150,000 | |
Capital Gains Tax |
Individuals | |
| Allowance | £12,000 | 0% |
| Income | up to £37,500 | 10%* or 18%** |
| Income | over £37,501 | 20%* or 28%** |
| * The lower rate applies if shares or unit trusts are being sold. * The higher rate applies for property, land and other assets. |
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ISA Allowances |
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| Individual ISA | £20,000 | |
| Junior ISA | £4,368 | |
Pension Allowances |
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| Contributions for Income Tax Relief | £3,600 | or up to to taxable earnings to a maximum of…. |
| … Annual Allowance | £40,000 | |
| Lifetime Allowance (fund size) |
£1,055,000 | |
Stamp Duty |
On Property Purchase | |
| Between these values | Over £125,001 – £250,000 | 2% |
| Over £250,000 – £925,000 | 5% | |
| Over £925,000 – £1,500,000 | 10% | |
| Over £1,500,000 | 12% | |
| An additional rate above these is payable on buy-to-let/ additional properties | 3% |
Tax Rates 2019/20