2016/17 Income Tax
|Basic Rate Band – income up to||£32,000||£31,785|
|Starting rate for savings||0%*||0%*|
|Dividend ordinary rate||7.5%**||10%|
|Higher Rate Band – income over||£32,000||£31,785|
|Dividend upper rate||32.5%||32.5%|
|Additional Rate – income over||£150,000||£150,000|
|Dividend upper rate||38.1%||37.5%|
|Starting rate limit (savings income)||£5,000*||£5,000*|
For 2016/17 Scottish taxpayers effectively subject to the same income tax rates as rest of UK.
* If an individual’s taxable non-savings income exceeds starting rate limit, then starting rate limit for savings will not be avilable for savings income. For 2016/17, £1,000 of saving income for basic rate raxpayers (£500 for higher rate) may be tax-free.
** For 2016/17 first £5,000 of dividens tax-free.
Personal allowances (PA)
|Born after 5th April 1938||£11,000||£10,600|
|Born before 6th April 1938||£11,000*||£10,660*|
Married couple’s allowance (MCA) (relief 10%)
|Either partner born before 6th April 1935||£8,355*||£8,355*|
Transferable Tax Allowance
|for certain married couples (relief 20%)||£1,100||£1,060|
* Allowances are reduced by £1 for every £2 that adjusted net income exceeds £27,700 to a minimum PA of £11,000 (£10,600) and to a minimum MCA of £3,220. Where adjusted net income exceeds £100,000, PA is reduced in the same way until it is nil regardless of the individual’s date of birth.
|Venture Capital Trust up to||£200,000||£200,000|
|Enterprise Investment Scheme up to||£1,000,000||£1,000,000|
|Seed Enterprise Investment Scheme up to||£100,000||£100,000|
|Social Investment Tax Relief||£1,000,000||£1,000,000|
Tax Free Savings Accounts
|ISA Subscription Limit||£15,240|
|Junior ISA and CTF subscription limit||£4,080|