2017/18 Income Tax
|Basic Rate Band – income up to||£33,500*||£32,000|
|Starting rate for savings income||0%**||0%**|
|Dividend ordinary rate||7.5%***||7.5%**|
|Higher Rate Band – income over||£33,500||£32,000|
|Dividend upper rate||32.5%***||32.5%***|
|Additional Rate – income over||£150,000||£150,000|
|Dividend upper rate||38.1%***||38.1%***|
|Starting rate limit (savings income)||£5,000**||£5,000**|
* For Scottish taxpayers only the limit is £31,500.
** If an individual’s taxable non-savings income exceeds starting rate limit, then starting rate limit for savings will not be available for savings income. £1,000 of saving income for basic rate taxpayers (£500 for higher rate) may be tax-free.
*** The first £5,000 of divideds are tax-free.
Personal allowances (PA)
Married couple’s allowance (MCA) (relief 10%)
|Either partner born before 6th April 1935||£8,445*||£8,355*|
Transferable Tax Allowance
|for certain married couples (relief 20%)||£1,150||£1,100|
* Allowances are reduced by £1 for every £2 that adjusted net income exceeds £28,000 (£27,700) to a minimum MCA of £3,260 (£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||£20,000|
|Junior ISA and CTF subscription limit||£4,128|